Technical Analysis – 25 November 2009
EUR/USD 1.4982 – 25 November 2009
EUR/USD Open 1.4968 High 1.4998 Low 1.4890 Close 1.4966
On Tuesday Euro/Dollar rejected another coherent movement under the important 1.4890 support. This fact certainly confirms the intact of the upward scenario, but the warning of possible turn downwards due to the of double peak around 1.5062 is still valid, therefore as a whole we expect signals to be neutral as market is in consolidation now. Overall, the currency couple showed indecisive downward attempts for the last 2 weeks, but needs a strong movement bellow 1.4890 to confirm further bearish attach towards 1.4770, followed by 1.4640. The nearest resistance is around the upper line of the downward channel at 1.5000, which is vulnerable to testing. Break up of that level may shake the downward channel and strengthen the Euro further. The CCI indicator is positive on the 1 hour chart, suggesting short term bullish perspective.
Technical resistance levels: 1.5000 1.5130 1.5265
Technical support levels: 1.4890 1.4770 1.4640
Trading range: 1.4970 – 1.5035
Buy at 1.4982 SL 1.4952 TP 1.5022
Yesterday we made +50 pips profit on EUR/USD from the following signal:
5:38 GMT+1 Sell EUR/USD at 1.4945 SL 1.4971 TP 1.4895 TP reached at 7:24 GMT
Total yesterday +173, 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.
Written by iFOREX.bg