EUR/USD 1.4810 - 23 September 2009

EUR/USD Open 1.4796 High 1.4838 Low 1.4681 Close 1.4792

On Tuesday Euro/Dollar increased significantly from the 1.4681 bottom to the 1.4815 top, closing the day at 1.4792. Today, the European currency continued rising up to 1.4838. Our preferable short term scenario is bullish, with targets towards 1.4840, followed by 1.4960. Of the 1 hour chart the currency pair is still within the formed ascending triangle, and may continue climbing, which will give us more convincing trade direction. Euro remains under pressure, but we should not ignore possible turning downward scenario. Immediate resistance is 1.4840, the break of which may trigger further strengthening of the European currency towards 1.4960. The nearest support is yesterday's bottom at 1.4680. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting bullish pressure.

Technical resistance levels: 1.4840 1.4960 1.5100

Technical support levels: 1.4680 1.4555 1.4430

Trading range: 1.4800 - 1.4860

Trend: Upward

Buy at 1.4810 SL 1.4780 TP 1.4850

Yesterday we made +12 pips profit on EUR/USD from the following signal:

5:35 GMT+1 Sell EUR/USD at 1.4718 SL 1.4744 TP 1.4668 exited at 7:01 GMT

Total yesterday +113, as shown at www.zifx.com/performance.php

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