EUR/USD 1.4873 – 6 November 2009

EUR/USD Open 1.4871 High 1.4913 Low 1.4812 Close 1.4868
After the rise on Wednesday, on Thursday Euro/Dollar was trading hesitantly, entering into consolidation phase. On the 1 hour chart the currency couple tested the lower limit of the ascending channel at 1.6435 on 3 Nov, which is an important key support. Going under that level would threaten the upward scenario and may turn the direction outlook around. The nearest resistance is yesterday’s top at 1.4915. Convincing break up of that level should hold the European currency within the bullish channel and lead the rising towards next target 1.5040. Important economic event today is the US Nonfarm payrolls at 13.30 GMT, which may trigger bigger movements either way. The CCI indicator is about to cross up the 100 line on the 1 hour chart, suggesting upward pressure.
Technical resistance levels: 1.4915 1.5040 1.5165
Technical support levels: 1.4705 1.4590 1.4465

Trading range: 1.4860 – 1.4925
Trend: Upward
Buy at 1.4873 SL 1.4843 TP 1.4913

Yesterday we made +15 pips profit on EUR/USD from the following signal:
5:32 GMT+1 Buy EUR/USD at 1.4837 SL 1.4811 TP 1.4887 exited at 5:51 GMT
Total yesterday +75, 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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