EUR/USD 1.4870 - 18 November 2009

EUR/USD Open 1.4877 High 1.4996 Low 1.4812 Close 1.4874

On Tuesday Euro/Dollar declined from the 1.4996 top to the 1.4812 bottom, closing the day at 1.4980. The downward channel, which was broken upwards on Monday the daily chart, is still trying to remain intact, but we expect short term outlook to be bullish as the downward turning from the double top scenario has run out of steam and the ascending pressure is increasing, although it is too early to make middle term forecasts. Our expectations are for movements towards the 1.5000 objective, followed by possible test of 1.5130. Failure to accomplish that could be considered as an false upward break and may trigger significant bearish momentum. Only a convincing break above 1.5062 should confirm the bullish scenario. In downward direction important support is yesterday's bottom 1.4810. The CCI indicator is positive on the 1 hour chart, suggesting bullish pressure.
Technical resistance levels: 1.5000 1.5130 1.5275
Technical support levels: 1.4810 1.4700 1.4565

Trading range: 1.4860 - 1.4935
Trend: Upward
Buy at 1.4871 SL 1.4841 TP 1.4921

Yesterday we made +17 pips profit on EUR/USD from the following signal:
5:42 GMT+1 Buy EUR/USD at 1.4954 SL 1.4928 TP 1.5004 exited at 7:17 GMT
Total yesterday +116, as shown in details at www.zifx.com/performance.php.

/