EUR/USD 1.5095 – 26 November 2009

EUR/USD Open 1.5124 High 1.5144 Low 1.4961 Close 1.5136
Euro/Dollar made a significant increasing movement on Wednesday, sliding in the upward channel, with later correctional retreats, an indication for a possible upward scenario continuation, for which, however, we shouldn’t be too optimistic yet. The 2 options on the downward channel, true or false, for a break upwards. The first would confirm the up trend with possible spike above 1.5145, while the second may lead to trend reversal towards the nearest 1.4960 support. Our preferable scenario for now is upwards, with potential break above 1.5145, which can be considered as an upward movement extension, reaffirming objectives towards 1.5270, followed by 1.5400. Please keep in mind that turning downward scenario is still open possibility. The CCI indicator leaning downwards on the 1 hour chart, suggesting correctional pressure.
Technical resistance levels: 1.5145 1.5270 1.5400
Technical support levels: 1.4960 1.4840 1.4700

Trading range: 1.5085 – 1.5145
Trend: Upward
Buy at 1.5095 SL 1.5065 TP 1.5135

Yesterday we made +40 pips profit on EUR/USD from the following signal:
5:34 GMT+1 Buy EUR/USD at 1.4988 SL 1.4962 TP 1.5038 exited at 8:12 GMT
Total yesterday +148, 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