EUR/USD Technical Analysis 20 November 2008

20 November 2008 @ 01:24 am EDT

EUR/USD 1.2509 - 20 November

EUR/USD Open 1.2502 High 1.2807 Low 1.2472 Close 1.2488

Yesterday Euro/Dollar made a slight adjustment upwards. The currency pair reached a peak at 1.2807 but closed lower at 1.2488. Our model remains mixed for now, with descending signals in the longer term while the European currency remains below 1.2880. Only consistent movement above 1.2752 might break the bearish scenario. Immediate support is seen at 1.2470. Break down of this level can give us further descending movement. Nearest resistance is seen at 1.2525. The CCI indicator is about to cross downwards the 100 line on the one hour chart, suggesting a potential decreasing pressure.

Technical resistance levels: 1.2525 1.2605 1.2800

Technical support levels: 1.2470 1.2385 1.2295

Trading range: 1.2520 - 1.2455

Trend: Downward

Sell at 1.2509 SL 1.2539 TP 1.2469

Yesterday we made +7 pips profit on EUR/USD from the following signal:

5:55 GMT Sell EUR/USD at 1.2626 SL 1.2652 TP 1.2576 exited at 6:12 GMT

Total yesterday +102, as shown at www.zifx.com/performance.php

For more forex information, go to www.iForex.bg

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