EUR/USD 1.4982 – 10 November 2009

EUR/USD Open 1.5002 High 1.5015 Low 1.4850 Close 1.4996
On Monday Euro/Dollar failed to continue the downward movement, climbed from 1.4850 to the 1.5015 top, closing the day at 1.4996. The economic recovery seems to point the right direction for the European currency. The Dollar seems less interesting to buy than the other major currencies since Fed expressed expectation for interest rates to be kept near zero for longer period of time. Technical break above the nearest 1.5015 resistance should confirm the bullish perspectives of the Euro, and lead it towards next target 1.5140. Immediate support is yesterday’s bottom 1.4850, the break down of which might trigger bearish correctional impulse. The CCI indicator is negative on the 1 hour chart, suggesting downward pressure.
Technical resistance levels: 1.5015 1.5140 1.5265
Technical support levels: 1.4850 1.4735 1.4600

Trading range: 1.4995 – 1.4930
Trend: Downward
Sell at 1.4982 SL 1.5012 TP 1.4942

Yesterday we made +50 pips profit on EUR/USD from the following signal:
5:49 GMT+1 Buy EUR/USD at 1.4928 SL 1.4902 TP 1.4978 TP reached at 8:01 GMT
Total yesterday +181, 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.

Written by