EUR/USD 1.4303 - 26 August 2009

EUR/USD Open 1.4299 High 1.4353 Low 1.4257 Close 1.4294

On Tuesday Euro/Dollar traded within a nearly 100 pip range, descending from 1.4306 to 1.4257, than up to 1.4353, and closing the day at 1.4302. The downward channel may be renewed, indicating failure of ascending impulse and a potential bearish scenario. The signals are expected to be bearish in the short term with targets towards 1.4255. Break bellow that level could lead to further dropping towards 1.4145. But only a consistent movement bellow 1.4145 will confirm the bearish outlook. Immediate resistance is yesterday's top at 1.4355, followed by 1.4470. Break above this level may trigger further upward pressure and to lead to further recovery of the European currency. The CCI and other indicators are neutral on the 1 hour chart, suggesting calm trading.

Technical resistance levels: 1.4355 1.4470 1.4600

Technical support levels: 1.4255 1.4145 1.4030

Trading range: 1.4315 - 1.4250

Trend: Downward

Sell at 1.4303 SL 1.4333 TP 1.4263

Yesterday we made +48 pips profit on EUR/USD from the following signal:

5:40 GMT+1 Sell EUR/USD at 1.4301 SL 1.4327 TP 1.4251 exited at 8:13 GMT

Total yesterday +170, as shown at www.zifx.com/performance.php