EUR/USD 1.4823 - 28 October 2009
After the sharp drop on Monday, yesterday Euro/Dollar continued descending insignificantly with around 150 pips. If the currency pair gets consistent movements above yesterday's top 1.4920, the trend may still get into the previous upward channel. However, there is also a downward divergence of CCI indicator on the 3 hour chart, which may trigger downward movements. Technical indicators support descending scenario. Existing downward pressure makes the European currency tests the lower limit of the upward channel, which is a key support at yesterday's bottom 1.4770.Break down of it may lead to further bearish extension toward the 1.4650 and 1.4510 targets. The CCI indicator is neutral on the 1 hour chart, indicating calm market.
Technical resistance levels: 1.4920 1.5050 1.5175
Technical support levels: 1.4770 1.4650 1.4510
Sell at 1.4823 SL 1.4853 TP 1.4783
Yesterday we made +38 pips profit on EUR/USD from the following signal:
5:36 GMT+1 Buy EUR/USD at 1.4888 SL 1.4862 TP 1.4938 exited at 6:58 GMT
Total yesterday +116, as shown in details at www.zifx.com/performance.php.