EUR/USD 1.4233 - 20 August 2009

EUR/USD Open 1.4225 High 1.4262 Low 1.4086 Close 1.4222

On Wednesday Euro continued renewed its downward trend against the Dollar, but later in the day rose sharply from 1.4086 to 1.4262, closing the day at 1.4222. On the 1 hour chart the 1.4170 resistance was broken upwards, indicating possible strengthening perspectives for the European currency. Our preferable scenarion, however, in the short term is bearish with objectives toward 1.4085, but remain neutral in the medium term. The nearest resistance is yesterday's peak at 1.4260. Break above that level may lead to renewal of the European currency recovery. The CCI indicator has crossed down the 100 line on the 1 hour chart, suggesting further descending perspectives.

Technical resistance levels: 1.4260 1.4370 1.4500

Technical support levels: 1.4085 1.3965 1.3850

Trading range: 1.4245 - 1.4180

Trend: Downward

Sell at 1.4233 SL 1.4263 TP 1.4193

Yesterday we made +17 pips profit on EUR/USD from the following signal:

5:40 GMT+1 Buy EUR/USD at 1.4141 SL 1.4115 TP 1.4191 exited at 5:59 GMT

Total yesterday +81, as shown at www.zifx.com/performance.php