EUR/USD 1.4547 - 2 October 2009

EUR/USD Open 1.4538 High 1.4668 Low 1.4503 Close 1.4542

Euro/Dollar made a decreasing movement on Thursday from the 1.4668 top, to the 1.4518 bottom, closing the day at 1.4542. Although the downward correction may be limited for now, on the 3 hour chart there is a still valid downward channel, and the currency pair may be going again under 1.4500, with possible test of 1.4385. This morning the European currency dropped further down to the bottom line of the bearish channel at 1.4503, which level plays the role of a good support for the time being. The nearest resistance is yesterday's top 1.4670, and if by a strong upward adjustment quotes manage to penetrate it, stronger bullish impulse may be expected with targets towards 1.4780, followed by 1.4900. The CCI indicator is about to decline on the 1 hour chart, suggesting bearish pressure.

Technical resistance levels: 1.4670 1.4780 1.4900

Technical support levels: 1.4500 1.4385 1.4250

Trading range: 1.4560 - 1.4495

Trend: Downward

Sell at 1.4547 SL 1.4577 TP 1.4507

Yesterday we made +50 pips profit on EUR/USD from the following signal:

5:34 GMT+1 Sell EUR/USD at 1.4627 SL 1.4653 TP 1.4577 TP reached at 6:49 GMT

Total yesterday +135, as shown at