EUR/USD 1.4668 - 16 September 2009

EUR/USD Open 1.4662 High 1.4681 Low 1.4567 Close 1.4658

On Tuesday Euro/Dollar made attempt to decrease, reaching a bottom at 1.4567, but further bearish movement was limited there and the currency pair rose sharply to the 1.4681 peak, closing the day at 1.4658. Short term signals are expected to be rising with target 1.4800. If that level is penetrated upwards, we may expect further bullish momentum towards 1.4915. On the 1 hour chart there is a descending triangle formed, indicating a warning for potentially bearish turning scenario. Quotes are now around the top line of the ascending channel, therefore downward correction would be very logical at this point. If the descending triangle is broken downwards, we may see further weakening of the Dollar towards 1.4440. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting a potential bullish pressure.

Technical resistance levels: 1.4680 1.4800 1.4915

Technical support levels: 1.4565 1.4440 1.4300

Trading range: 1.4655 - 1.4720

Trend: Upward

Buy at 1.4668 SL 1.4638 TP 1.4708

Yesterday we made +20 pips profit on EUR/USD from the following signal:

5:36 GMT+1 Buy EUR/USD at 1.4620 SL 1.4594 TP 1.4670 exited at 7:19 GMT

Total yesterday +104, as shown at www.zifx.com/performance.php

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