EUR/USD 1.4638 - 29 September 2009

EUR/USD Open 1.4626 High 1.4721 Low 1.4565 Close 1.4620

Euro/Dollar continued the bearish movement on Monday down to the 1.4565, from where increased up to 4669, as expected, closing the day at 1.4620. Of the 3 hour chart quotes broke under the 1.4670 support, and may soon test the important support at 1.4595. Although there was a serious threat to the current downward outlook, it may be still early for a reversal. Break above 1.4720, however, might be considered as a failure of the bears, which would restore the bullish scenario and provide good opportunity for long positions with targets towards 1.4835, followed by 1.4960. Immediate support is 1.4565, the break of which would strengthen the decreasing perspective. The CCI indicator is in the overbought zone and downward on the 1 hour chart, suggesting bearish pressure.

Technical resistance levels: 1.4720 1.4835 1.4960

Technical support levels: 1.4565 1.4450 1.4320

Trading range: 1.4650 - 1.4585

Trend: Downward

Sell at 1.4638 SL 1.4668 TP 1.4598

Yesterday we made +50 pips profit on EUR/USD from the following signal:

5:32 GMT+1 Buy EUR/USD at 1.4575 SL 1.4549 TP 1.4625 exited at 7:59 GMT

Total yesterday +176, as shown at