EUR/USD 1.4662 - 25 September 2009

EUR/USD Open 1.4654 High 1.4797 Low 1.4615 Close 1.4662

On Thursday Euro/Dollar attempted to rise, reaching a peak at 1.4797, as expected, where further bullish movement was limited and the currency pair dropped to 1.4615, closing the day at 1.4662. Of the 3 hour chart after the break under 1.4766, the European currency is now heading towards 1.4670 within the formed bullish channel. The bearish momentum appeared to be normal correction for now. Break bellow 1.4650, however, might lead to stronger downward pressure towards the key support level at 1.4615. Only movement under the above support level and yesterday's bottom may be considered as a potential violation of the bullish scenario. The nearest resistance is yesterday's top at 1.4800, followed by 1.4915. Break above 1.4915 would confirm the bullish scenario continuation. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting bullish pressure.

Technical resistance levels: 1.4800 1.4915 1.5040

Technical support levels: 1.4615 1.4500 1.4370

Trading range: 1.4650 - 1.4715

Trend: Upward

Buy at 1.4662 SL 1.4632 TP 1.4702

Yesterday we made +28 pips profit on EUR/USD from the following signal:

7:26 GMT+1 Buy EUR/USD at 1.4733 SL 1.4707 TP 1.4783 exited at 8:03 GMT

Total yesterday +115, as shown at