EUR/USD 1.4870 – 13 November 2009

EUR/USD Open 1.4857 High 1.5015 Low 1.4825 Close 1.4845
After the climb on Wednesday, on Thursday Euro/Dollar made a deep correctional downward movement from the 1.5015 top down to 1.4825, closing the day at 1.4845, eating all the rise from the beginning of the week for 1 day.This indicates entering into consolidation after the significant bullish momentum. Short term signals are expected to be neutral, but the bullish scenario still remains intact, as seen on the 3 hour chart. The nearest support is represented by the the bottom line of the ascending channel at 1.4825. Break bellow may deepen the downward correction towards 1.4700 and potentially threaten the bullish outlook. We need a clear break above yesterday’s top 1.5045 to confirm the ascending scenario towards 1.5170, followed by 1.5300. The CCI indicator is positive on the 1 hour chart, suggesting bullish pressure.
Technical resistance levels: 1.5045 1.5170 1.5300
Technical support levels: 1.4825 1.4700 1.4570

Trading range: 1.4880 – 1.4820
Trend: Downward
Sell at 1.4870 SL 1.4900 TP 1.4830

Yesterday we made +20 pips profit on EUR/USD from the following signal:
5:36 GMT+1 Buy EUR/USD at 1.4991 SL 1.4965 TP 1.5041 exited at 6:56 GMT
Total yesterday +103, 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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