EUR/USD 1.4919 - 19 November 2009

EUR/USD Open 1.4953 High 1.4989 Low 1.4869 Close 1.4960

On Wednesday Euro/Dollar traded hesitantly, still inclining upwards. After Bernanke's pessimistic speech about the economy economic recovery on Tuesday, which weakened the Euro, as seen on the 3 hour chart, the currency couple recovered very quickly, making a strong ascending movement, breaking up of bearish channel, reaching a peak at 1.5015 and closing the day at 1.4967. Technically, the fact that the European currency managed to hold above 1.4960 under that stress, should now continue to press the Dollar with possible test of 1.5062. Convincing movement over 1.5062 would confirm the bullish scenario with next objectives 1.5150, followed by 1.5300. The nearest support is yesterday's bottom at 1.4870. Break bellow it may shake the bullish outlook and strengthen the Dollar towards the important 1.4850 support level. The CCI indicator is negative on the 1 hour chart, suggesting bullish pressure.
Technical resistance levels: 1.4990 1.5110 1.5245
Technical support levels: 1.4870 1.4750 1.4635

Trading range: 1.4930 - 1.4865
Trend: Downward
Sell at 1.4919 SL 1.4949 TP 1.4879

Yesterday we made +50 pips profit on EUR/USD from the following signal:
5:35 GMT+1 Buy EUR/USD at 1.4886 SL 1.4860 TP 1.4936 TP reached at 9:32 GMT
Total yesterday +134, as shown in details at www.zifx.com/performance.php.

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