EUR/USD 1.4837 - 5 November 2009

Euro/Dollar rose significantly on Wednesday, as expected, with nearly 200 pips. On the 1 hour chart the downward pressure is limited by the key 1.4635 support, and preserves intact for now the ascending scenario. However we are waiting for more convincing indications of movement direction. Immediate resistance is represented by yesterday's top 1.4900 level. Break above it can make the currency couple vulnerable to more bullish pressure with objectives towards 1.5000. First support is yesterday's bottom at 1.4705. Break under that zone may weaken the Euro and undermine the bulls' strength. Fundamental events today and tomorrow may bring more volatility, but also clearer direction for the market in the longer term. The CCI indicator has crossed up the 100 line on the 1 hour chart, signaling for upward pressure.

Technical resistance levels: 1.4900 1.5000 1.5125

Technical support levels: 1.4705 1.4590 1.4465

8:10 GMT+1 Buy EUR/USD at 1.4756 SL 1.4730 TP 1.4806 exited at 8:50 GMT

Total yesterday +156, as shown at www.zifx.com/performance.php

Trend: Upward

Buy at 1.4837 SL 1.4807 TP 1.4877