EUR/USD 1.4720 - 22 September 2009

EUR/USD Open 1.4683 High 1.4722 Low 1.4611 Close 1.4680

On Monday Euro/Dollar decreased significantly from the 1,4712 peak to the 1.4611 bottom, closing the day at 1.4680. Signals are expected to be bearish, with targets towards yesterday's bottom 1.4610, followed by 1.4485. Of the 1 hour chart the currency pair is still within the formed ascending triangle, and is close to break out of it, which will give us more convincing trade direction. Euro remains under pressure, but we should not ignore possible turning upward scenario. Immediate resistance is 1.4725, the break of which may trigger further strengthening of the European currency towards 1.4850. The nearest support is yesterday's bottom at 1.4610. The CCI indicator is about to cross down the 100 line on the 1 hour chart, suggesting a potential bearish pressure.

Technical resistance levels: 1.4725 1.4850 1.5000

Technical support levels: 1.4610 1.4485 1.4350

Trading range: 1.4730 - 1.4670

Trend: Downward

Sell at 1.4720 SL 1.4750 TP 1.4680

Yesterday we made +31 pips profit on EUR/USD from the following signal:

5:37 GMT+1 Sell EUR/USD at 1.4692 SL 1.4718 TP 1.4642 exited at 6:56 GMT

Total yesterday +168, as shown at www.zifx.com/performance.php

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