EUR/USD 1.4250 - 27 August 2009
EUR/USD Open 1.4247 High 1.4340 Low 1.4213 Close 1.4254

On Tuesday Euro/Dollar declined from the 1.4340 top to the 1.4213 bottom, closing the day at 1.4254. 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 first target towards 1.4215. Break bellow that level could lead to further dropping towards 1.4100. But only a consistent movement bellow 1.4100 will confirm the bearish outlook. Immediate resistance is yesterday's top at 1.4340, 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: 1.4340 1.4470 1.4600

Technical support levels: 1.4215 1.4100 1.3990

Trading range: 1.4260 - 1.4200

Trend: Downward

Sell at 1.4250 SL 1.4280 TP 1.4210

Yesterday we made +4 pips profit on EUR/USD from the following signal:

5:36 GMT+1 Sell EUR/USD at 1.4300 SL 1.4326 TP 1.4250 exited at 5:37 GMT

Total yesterday +60, as shown at www.zifx.com/performance.php

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