EUR/USD 1.4628 - 1 October 2009

EUR/USD Open 1.4641 High 1.4670 Low 1.4582 Close 1.4636

On Wednesday Euro/Dollar made an increasing movement up to 1.4670, from which point the currency couple bounced downwards, closing the day at 1.4636. If trading goes under 1.4535, the European currency may fall further down with possible test of 1.4465. On the 1 hour chart there is a still valid bearish channel. However, if the European currency returns above the top from the beginning of this week 1.4720, the ascending scenario may be renewed, with objectives towards 1.4720. Immediate support is yesterday's bottom at 1.4564. Break below this level may trigger stronger downward momentum with targets towards 1.4780, followed by 1.4900. The CCI indicator is about to cross down the 100 line on the 1 hour chart, suggesting bearish pressure.

Technical resistance levels: 1.4670 1.4780 1.4900

Technical support levels: 1.4580 1.4465 1.4340

Trading range: 1.4640 - 1.4575

Trend: Downward

Sell at 1.4628 SL 1.4658 TP 1.4588

Yesterday we made +26 pips profit on EUR/USD from the following signal:

5:39 GMT+1 Sell EUR/USD at 1.4624 SL 1.4650 TP 1.4574 exited at 8:29 GMT

Total yesterday +107, as shown at www.zifx.com/performance.php

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