EUR/USD 1.4919 – 20 November 2009

EUR/USD Open 1.4912 High 1.4955 Low 1.4844 Close 1.4924
Euro/Dollar made a significant bearish movement on Thursday, reaching a bottom at 1.4844, but failing to go below the important 1.4800 support level, closing the day at 1.4924. On the 3 hour chart, as the the European currency made double top at around 1.5060, it continued to move downward within the bearish channel, indicating a significant reversal bearish scenario, which is expected to continue, especially if we see a strong movement under 1.4800, with objectives towards 1.4730. After failing to cross below 1.4800 yesterday, the pair climbed upwards and may potentially test the 1.4955 resistance. Break above this zone might lead to further ascending impulse towards the upper limit of the bearish channel at 1.5080. But the descending adjustment can be rejected only if the channel is convincingly penetrated upwards, across 1.5080. The CCI indicator is neutral on the 1 hour chart, suggesting calm intraday trading.
Technical resistance levels: 1.4955 1.5080 1.5200
Technical support levels: 1.4845 1.4730 1.4600

Trading range: 1.4940 – 1.4875
Trend: Downward
Sell at 1.4927 SL 1.4957 TP 1.4887

Yesterday we made +50 pips profit on EUR/USD from the following signal:
5:35 GMT+1 Sell EUR/USD at 1.4913 SL 1.4939 TP 1.4863 TP reached at 8:03 GMT
Total yesterday +192, 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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