EUR/USD 1.4720 - 17 September 2009

EUR/USD Open 1.4705 High 1.4736 Low 1.4653 Close 1.4710

On Tuesday Euro/Dollar bounced downwards, reaching a bottom at 1.4653, than made a moderate rise to the 1.4736 top, closing the day at 1.4710. Quotes are approaching the upper limit of the ascending triangle formed. Breaking upwards will convincingly terminate the downward optional scenario, while the break down of the triangle may renew it. The last option should not be excluded, as it technically exists, and is supported by the RSI divergence, where quotes rise, reaching new highs, but on the other hand the MACD is downwards. Immediate support is 1.4455, the break of which may cause further bearish impulse with objectives towards 1.4335. Immediate resistance is yesterday's top at 1.4735. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting a potential bullish pressure.

Technical resistance levels: 1.4735 1.4850 1.4975

Technical support levels: 1.4455 1.4335 1.4200

Trading range: 1.4710 - 1.4770

Trend: Upward

Buy at 1.4720 SL 1.4690 TP 1.4760

Yesterday we made +29 pips profit on EUR/USD from the following signal:

5:40 GMT+1 Buy EUR/USD at 1.4667 SL 1.4641 TP 1.4717 exited at 8:03 GMT

Total yesterday +136, as shown at www.zifx.com/performance.php

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