EUR/USD 1.4602 - 11 September 2009

EUR/USD Open 1.4581 High 1.4510 Low 1.4619 Close 1.4579

On Thursday Euro/Dollar continued to gather upward strength as expected, starting its rise from the 1.4619 bottom to the 1.4605 top, and closing the day at 1.4579. On the 1 hour chart we can see that the upward momentum was driven by upward breaks, forming the bullish channel this way. Prospects remain bullish in the short term with targets towards 1.4730, and neutral in the medium term. First resistance is this morning's top 1.4620. Break above that level may trigger a further ascending momentum towards 1.4850. The nearest support is yesterday's bottom 1.4510, followed by 1.4400. The CCI indicator has crossed up the 100 line on the 1 hour chart, showing strong accumulated bullish pressure.

Technical resistance levels: 1.4620 1.4730 1.4850

Technical support levels: 1.4510 1.4400 1.4275

Trading range: 1.4590 - 1.4655

Yesterday we made +12 pips profit on EUR/USD from the following signal:

5:39 GMT+1 Buy EUR/USD at 1.4574 SL 1.4548 TP 1.4624 exited at 7:04 GMT

Total yesterday +80, as shown at www.zifx.com/performance.php

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Trend: Upward

Buy at 1.4602 SL 1.4572 TP 1.4642