EUR/USD 1.4233 - 21 August 2009

EUR/USD Open 1.4251 High 1.4265 Low 1.4205 Close 1.4254

After sharply rising on Wednesday afternoon, yesterday Euro/Dollar was trading moderately within a small 60 pip range, closing the day at 1.4254. On the 1 hour chart we can see that the descending channel is still valid, with key support at Wednesday's bottom 1.4095. Successful upward penetration of the nearest resistance at yesterday's top 1.4265 may cause further bullish momentum towards next target 1.4370. The CCI indicator has crossed down the 100 line on the 1 hour chart, suggesting further descending perspectives, which is also our preferable scenario for now.

Technical resistance levels: 1.4265 1.4370 1.4500

Technical support levels: 1.4095 1.3975 1.3850

Trading range: 1.4245 - 1.4180

Trend: Downward

Sell at 1.4233 SL 1.4263 TP 1.4193

Yesterday we made +23 pips profit on EUR/USD from the following signal:

5:37 GMT+1 Sell EUR/USD at 1.4234 SL 1.4260 TP 1.4184 exited at 7:59 GMT

Total yesterday +130, as shown at www.zifx.com/performance.php