EUR/USD 1.4550 - 14 September 2009

EUR/USD Open 1.4565 High 1.4621 Low 1.4521 Close 1.4581

Euro/Dollar traded hesitantly on Friday, entering into consolidation phase after the strong increasing movements in the previous days, closing the week at 1.4581. On the 1 hour chart the bullish channel is still valid, as quotes broke up the formed ascending triangle. If the technical resistance at 1.4620 is penetrated upwards, the ascending trend scenario is expected to continue. Immediate support is this morning's bottom 1.4520. However, the CCI indicator is in the overbought zone and downwards on the 1 hour chart, so be careful for potential downward correction with targets towards even the next 1.4400 support.

Technical resistance levels: 1.4620 1.4730 1.4850

Technical support levels: 1.4520 1.4400 1.4275

Trading range: 1.4560 - 1.4500

Trend: Downward

Sell at 1.4550 SL 1.4580 TP 1.4510

On Friday we made +22 pips profit on EUR/USD from the following signal:

5:36 GMT+1 Buy EUR/USD at 1.4606 SL 1.4580 TP 1.4656 exited at 7:00 GMT

Total on Friday +138, as shown at www.zifx.com/performance.php

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