EUR/USD 1.4978 – 11 November 2009

EUR/USD Open 1.4999 High 1.5018 Low 1.4942 Close 1.4987
Euro/Dollar traded hesitantly on Tuesday. On the 3 hour chart the unconvincing break of the 1.4655 support led quotes upwards even over the Bollinger band, indicating a potential bullish scenario with near term targets towards 1.5140, followed by 1.5265.Immediate support is represented by yesterday’s bottom at 1.4940. Break under it is likely to jeopardize the up trend, but the longer the couple remain above it, our preferable scenario would be ascending. From the fundamental point of view, after worse than expected NFP and unemployment rates on Friday, the reluctance to risk was not sufficient to reduce the optimism about economic recovery and the Dollar failed to gain significant momentum. It doesn’t mean a thing for me, but investors strongly believe that recovery is on track and maybe willing to buy riskier assets and high yield currencies, which should continue pressuring the Dollar. The CCI indicator is neutral on the 1 hour chart, suggesting calm market.
Technical resistance levels: 1.5020 1.5140 1.5265
Technical support levels: 1.4940 1.4815 1.4680

Trading range: 1.4965 – 1.5030
Trend: Upward
Buy at 1.4978 SL 1.4948 TP 1.5018

Yesterday we made +10 pips profit on EUR/USD from the following signal:
5:36 GMT+1 Sell EUR/USD at 1.4975 SL 1.5001 TP 1.4925 exited at 5:37 GMT
Total yesterday +95, 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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