EUR/USD 1.4156 - 17 August 2009

EUR/USD Open 1.4186 High 1.4301 Low 1.4166 Close 1.4201

Euro/Dollar started decreasing on Friday on the 1 hour chart from the 1.4301 top, reaching a bottom at 1.4166, closing the week at 1.4201. On the same chart a widening Bollinger price formation shows volatile market with unclear direction. Our preferable scenario for today is descending. Key resistance is represented by the 1.4300 level. We need a clear break above this zone to confirm possible upward perspectives toward next potential targets 1.4420, followed by 1.4535. Immediate support is 1.4130. The CCI indicator is in the overbought zone and downwards of the 1 hour chart, suggesting potential decreasing views with possible testing of 1.4000.

Technical resistance levels: 1.4300 1.4420 1.4535

Technical support levels: 1.4130 1.4000 1.3875

Trading range: 1.4170 - 1.4105

Trend: Downward

Sell at 1.4156 SL 1.4186 TP 1.4116

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

5:43 GMT+1 Sell EUR/USD at 1.4272 SL 1.4298 TP 1.4222 exited at 8:20 GMT

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