EUR/USD 1.5003 – 1 December 2009

EUR/USD Open 1.5031 High 1.5081 Low 1.4969 Close 1.5004
After the huge rise at the beginning of last week to the new peak at 1.5145, Euro/Dollar lost all gains in the second half of the week, dropping down to 1.4836. Yesterday the European currency rose to the 1.5081 top, from where it started dropping down to 1.4969, closing the day at 1.5004. After the double tops from 26 October and 11 November, as seen on the 3 hour chart, a new upward attempt reached even higher last week, but as its strength was insufficient, bulls got exhausted fast, and bears led the game in opposite direction. Immediate resistance is 1.5080, and a consistent break over that level should confirm the upward trend, with next objective towards 1.5145. The nearest support is 1.4970, followed by 1.4860. The longer quotes are able to remain above 1.5062, the bullish scenario should remain intact. The CCI indicator is in the overbought zone and downwards of the 1 hour chart, suggesting downward pressure.
Technical resistance levels: 1.5080 1.5145 1.5260
Technical support levels: 1.4970 1.4860 1.4800

Trading range: 1.5015 – 1.4950
Trend: Downward
Sell at 1.5003 SL 1.5033 TP 1.4963


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