EUR/USD 1.5081 - 2 December 2009
The Euro calmed after the strong ascending impulse last week because the delayed payment of Dubai to the European banks, which is expected to be temporary, after hitting the 1.4825 bottom. On Tuesday Euro started recovering very quickly and closed higher at 1.5082. The 1.4981 support did a good job, stopping further bears' attacks, and thus preserved intact the bullish scenario, which would be confirmed if quotes manage to go above 1.5115, which is a possibility. However, unconvincing break above 1.5115 will show exhaustion of bulls and may trigger downward momentum with potential targets towards the 1.4825 support again, especially if we see a break dawn of 1.4980. No one knows whether the impact of the Dubai credit recovery will cause a temporary reaction or will continue to shake European stock markets, which might strengthen the Dollar. Short term signals are expected to be rising with possible test of 1.5200. Strong break above that level may trigger further upward momentum towards 1.5290. The CCI indicator is positive on the 1 hour chart, suggesting upward pressure.
Technical resistance levels: 1.5115 1.5200 1.5290
Technical support levels: 1.5060 1.4980 1.4825
Buy at 1.5081 SL 1.5051 TP 1.5121
Yesterday we made +50 pips profit on EUR/USD from the following signal:
7:01 GMT Buy EUR/USD at 1.5021 SL 1.4995 TP 1.5071 TP reached at 9:01 GMT
Total yesterday +146, as shown in details at www.zifx.com/performance.php.