EUR/USD 1.4723 – 11 December 2009

EUR/USD Open 1.4729 High 1.4758 Low 1.4691 Close 1.4731
Euro/Dollar made an insignificant bullish movement on Thursday, reaching hights of 1.4758, and closing the day at 1.4731. This fact should be considered as a failure of the bears and our preferable scenario for now is for increasing Euro with objectives towards 1.4758, followed by 1.4863. Signals are neutral in the medium term, and any downward motions should not come unexpected. The longer the currency couple remains under the 1.4900 resistance level, the main long term downward scenario should remain intact. Any movement above 1.4900 may seriously threaten the bearish outlooks, and may lead to recovery of the European currency with possible test of 1.4935. The CCI indicator is in the oversold area and upwards to the 1 hour chart, suggesting insignificant bullish pressure.
Technical resistance levels: 1.4758 1.4863 1.4935
Technical support levels: 1.4691 1.4600 1.4511

Trading range: 1.4710 – 1.4775
Trend: Upward
Buy at 1.4723 SL 1.4693 TP 1.4763


Written by