EUR/USD 1.4875 - 14 October 2009

EUR/USD Open 1.4846 High 1.4890 Low 1.4762 Close 1.4852

On Tuesday Euro/Dollar continued the upward trend as expected up to 1.4870. On the 3 hour chart the currency pair tried to reach higher bed, climbing above the 1.4815 resistance level. The upward impulse was limited at 1.4871, closing the day at 1.4852. Our expectations are for rising European currency in the short term. Quotes are currently moving within the bullish channel, indicating that bulls are still in charge. Only break down of the 1.4760 support may shake the bullish channel, and possibly renew the bearish momentum with potential test of 1.4640. Important resistance level is 1.4688. Going above it may reestablish the bullish scenario with aims towards the psychological 1.5000. The CCI indicator has crossed up the 100 line on the 1 hour chart, indicating ascending pressure.

Technical resistance levels: 1.4890 1.5000 1.5130

Technical support levels: 1.4760 1.4640 1.4500

Trading range: 1.4865 - 1.4925

Trend: Upward

Buy at 1.4875 SL 1.4845 TP 1.4915

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

5:35 GMT+1 Buy EUR/USD at 1.4778 SL 1.4752 TP 1.4828 exited at 7:00 GMT

Total yesterday +88, as shown at