EUR/USD 1.4363 - 28 August 2009
EUR/USD Open 1.4351 High 1.4386 Low 1.4223 Close 1.4344

Euro/Dollar made a bearish momentum on Thursday reaching a bottom at 1.4223, and during the US session jumped sharply to 1.4386, closing the day at 1.4344. On the 1 hour chart the triangular formation was broken downwards, suggesting a potential bearish pressure in the short term, with quotes now testing the lower limit of the bullish channel and 48.8% Fibonacci correction of the 1.4370 - 1.4045 dropping. 1.4220 may be an important support now, but a clear break below it may trigger further decrease towards 1.4100, followed by 1.3990. The nearest resistance is yesterday's top 1.4385, the break up of which may lead to further recovery of the European currency. The CCI indicator is about to cross down the 100 line on the 1 hour chart, suggesting bearish pressure.

Technical resistance levels: 1.4385 1.4500 1.4605

Technical support levels: 1.4220 1.4100 1.3990

Trading range: 1.4375 - 1.4310

Trend: Downward

Sell at 1.4363 SL 1.4393 TP 1.4323

Yesterday we made +20 pips profit on EUR/USD from the following signal:

5:39 GMT+1 Sell EUR/USD at 1.4247 SL 1.4273 TP 1.4197 exited at 7:21 GMT

Total yesterday +110, as shown at www.zifx.com/performance.php

/