EUR/USD Technical Analysis 17 December 2009

Euro/Dollar corrected insignificantly upwards on Tuesday to the 1.4586 top, closing the day at 1.4533. Although the bullish adjustment did not come as a surprise for us after the big downward movement, the bearish scenario remains intact for now. On the 1 hour chart quotes formed a descending triangle, which is technically bearish figure and may stop any serious bullish threat, especially if the European currency breaks bellow the 1.4373 support, which may trigger further descending impulse with objectives towards 1.4282. However, if the bearish scenario fails and the quotes break above the nearest 1.4531 resistance, further bullish movement extension can be expected towards 1.4657, followed by 1.4757. The CCI indicator is negative on the 1 hour chart, suggesting accumulated downward pressure.Technical resistance levels: 1.4531 1.4657 1.4757Technical support levels: 1.4373 1.4282 1.4200

Trading range: 1.4420 - 1.4355Trend: DownwardSell at 1.4407 SL 1.4437 TP 1.4367

Yesterday we made +27 pips profit on EUR/USD from the following signal:5:35 GMT Sell EUR/USD at 1.4537 SL 1.4563 TP 1.4487 exited at 7:52 GMTTotal yesterday +130, as shown in details at www.zifx.com/performance.php.