EUR/USD 1.4779 – 3 November 2009

EUR/USD Open 1.4772 High 1.4840 Low 1.4682 Close 1.4770
After the ascending correction of the Euro/Dollar at the end of last week, the currency couple dropped first on Monday, as expected, reaching a bottom at 1.4682, than climbed up to the 1.4840 top, closing the day at 1.4770. On the 3 hour chart chart the Euro is in a critical phase, where quotes are testing upper limit of the downward channel at 1.5044, which appears to be a key resistance in the long run. Any possible bearish outlook would be wiped out if the resistance is broken up. As for now, the bullish momentum looks strong enough, with targets towards 1.4840. The nearest support is yesterday’s bottom 1.4680. Break bellow this level may shake the bullish perspectives and creates downward movements with possible test of 1.4550. The CCI indicator has crossed up the 100 line on the 1 hour chart, indicating ascending pressure.
Technical resistance levels: 1.4840 1.5000 1.5125
Technical support levels: 1.4680 1.4550 1.4415

Trading range: 1.4765 – 1.4830
Trend: Upward
Buy at 1.4779 SL 1.4749 TP 1.4819

Yesterday we made +43 pips profit on EUR/USD from the following signal:
5:56 GMT+1 Sell EUR/USD at 1.4778 SL 1.4804 TP 1.4728 exited at 7:17 GMT
Total yesterday +165, as shown in details here.


Disclaimer: Please note that our technical analysis is not daily/evening forecast, neither a trading signal. Therefore the expectations shown here may differ from our forecasts and signals, to give readers different point of view.

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