EUR/USD 1.4723 - 24 September 2009

EUR/USD Open 1.4710 High 1.4838 Low 1.4687 Close 1.4734

Euro/Dollar made significant bearish momentum on Wednesday, dropping with around 250 pips. On the 3 hour chart, after a break down of the lower limit of the ascending triangular formation, the downward impulse led to to reaching the 1.4687 bottom. The ascending channel however is still intact, and the bearish scenario may be only temporary correction. The nearest resistance is yesterday's top at 1.4840, the break of which may lead to test of the psychological 1.5000. Our expectations are for downward direction in the short term with objectives towards 1.4685, followed by 1.4555. The CCI indicator is in the overbought zone and downwards of the 1 hour chart, supporting the bearish movement.

Technical resistance levels: 1.4840 1.4960 1.5100

Technical support levels: 1.4685 1.4555 1.4430

Trading range: 1.4735 - 1.4670

Trend: Downward

Sell at 1.4723 SL 1.4753 TP 1.4683

Yesterday we made +14 pips profit on EUR/USD from the following signal:

5:31 GMT+1 Buy EUR/USD at 1.4809 SL 1.4783 TP 1.4859 exited at 5:55 GMT

Total yesterday +93, as shown at www.zifx.com/performance.php

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