EUR/USD 1.4957 – 24 November 2009

Technical Analysis – 24 November 2009
EUR/USD 1.4957 – 24 November 2009
EUR/USD Open 1.4955 High 1.4994 Low 1.4837 Close 1.4960
Euro/Dollar made a bullish movement on Monday, reaching a peak at 1.4994, and closing the day at at 1.4960. The currency couple failed to move under the important 1.4835 support even after the ECB president said he would support a strong Dollar. However, on the 3 hour chart the bearish channel remains valid and it’s upper limit provides a good resistance at 1.5045. So our preferable scenario for now is bearish, at least till the correctional reversal from the double peak remains valid. Only significant break above 1.5045 may shake the bears and switch outlook into possible bullish. The CCI indicator is negative on the 1 hour chart, supporting the short term bearish perspective.
Technical resistance levels: 1.5045 1.5170 1.5300
Technical support levels: 1.4835 1.4700 1.4580

Trading range: 1.4970 – 1.4895
Trend: Downward
Sell at 1.4957 SL 1.4987 TP 1.4907

Yesterday we made +50 pips profit on EUR/USD from the following signal:
5:37 GMT+1 Buy EUR/USD at 1.4920 SL 1.4894 TP 1.4970 TP reached at 7:42 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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