EUR/USD 1.4738 – 4 November 2009

EUR/USD Open 1.4724 High 1.4805 Low 1.4631 Close 1.4720
Euro/Dollar failed to continue ascending movement on Tuesday and is now testing the lower limit of the trend line around 1.4630, as seen on the 1 hour chart. This may be the result of the a battle between buyers and sellers around the critical technical point. The development of a particular trend of the European currency these days might be very important for its outlook, against the Non-farm payrolls in the U.S. on Friday. Signals are expected to be neutral in the short term, but in the longer term if the currency couple manages to hold above the nearest resistance and yesterday’s top 1.4805, we may see strengthening of the Euro with possible test of 1.4940, followed by 1.5075. However, if we see break below the first support, outlook could be bearish, towards 1.4500. The CCI indicator has crossed up the 100 line on the 1 hour chart, so be careful for upward adjustments.
Technical resistance levels: 1.4805 1.4940 1.5075
Technical support levels: 1.4630 1.4500 1.4375

Trading range: 1.4750 – 1.4685
Trend: Downward
Sell at 1.4738 SL 1.4768 TP 1.4698

Yesterday we made +20 pips profit on EUR/USD from the following signal:
5:38 GMT+1 Buy EUR/USD at 1.4787 SL 1.4761 TP 1.4837 exited at 6:05 GMT
Total yesterday +155, 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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