EUR/USD 1.4870 – 17 November 2009

EUR/USD Open 1.4982 High 1.5015 Low 1.4903 Close 1.4970
Euro/Dollar traded hesitantly on Monday, still caught within the 1.4514 – 1.5045 range, as seen on the 3 hour chart. The double peak formation from last week, as seen on the daily chart can only mean drawing downward lines. Only break above the 1.5045 resistance may seriously shake the downward outlook, but if quotes broke below 1.4900, the bears might continue to rule, with objectives towards 1.4780. But as we always should expect the unexpected, in case of a successful break up of the 1.5045 resistance, trend may turn into rising with possible test of 1.5160. 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: 1.4900 1.4780 1.4645

Trading range: 1.4935 – 1.5000
Trend: Upward
Buy at 1.4947 SL 1.4917 TP 1.4987

Yesterday we made +20 pips profit on EUR/USD from the following signal:
5:36 GMT+1 Buy EUR/USD at 1.4963 SL 1.4937 TP 1.5013 exited at 7:48 GMT
Total yesterday +126, 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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