EUR/USD 1.4104 - 18 August 2009

EUR/USD Open 1.4083 High 1.4201 Low 1.4050 Close 1.4081

On Monday Euro/Dollar continued the downward movement, which started on 13 August, from 1.4201, reaching a bottom of 1.4050, closing the day at 1.4081. If the above bottom and current support is convincingly broken downwards, we may expect further decline towards next objective 1.3935. Our preferable scenario for the time being is downwards. The nearest resistance is yesterday's top at 1.4200. 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: 1.4200 1.4320 1.4435

Technical support levels: 1.4050 1.3935 1.3820

Trading range: 1.4115 - 1.4050

Trend: Downward

Sell at 1.4104 SL 1.4134 TP 1.4064

Yesterday we made +38 pips profit on EUR/USD from the following signal:

5:43 GMT+1 Sell EUR/USD at 1.4153 SL 1.4179 TP 1.4103 exited at 8:20 GMT

Total yesterday +161, as shown at www.zifx.com/performance.php