EUR/USD 1.5092 – 3 December 2009

EUR/USD Open 1.5066 High 1.5107 Low 1.5035 Close 1.5044
Euro/Dollar continued climbing on Wednesday up to the 1.5107 top, but failed to keep the ascending momentum and corrected down to the 1.5035 bottom, closing the day at 1.5044. Trading higher risk assets interest was renewed based on optimism that the issue of Dubai’s loans will be resolved. Investors appear to be trying to take advantage of the weak Dollar, which may be an indication that the problems are not over yet. Today is rich on economic events, so we may see some movements during the day. Immediate resistance is yesterday’s top at 1.5107, and showing any inability to climb over it, will show how weak the European currency is, which may generate further selling pressure towards the nearest support 1.4975. If that level is convincingly penetrated down, we may see stronger drop towards next objective 1.4975. The CCI indicator is neutral on the 1 hour chart, suggesting range trading.
Technical resistance levels: 1.5107 1.5150 1.5270
Technical support levels: 1.5035 1.4975 1.4890

Trading range: 1.5105 – 1.5040
Trend: Downward
Sell at 1.5092 SL 1.5122 TP 1.5052


Written by