EUR/USD 1.4626 - 30 September 2009

EUR/USD Open 1.4586 High 1.4643 Low 1.4534 Close 1.4584

The descending scenario of the Euro/Dollar is still intact as the currency couple went down to 1.4534 on Tuesday, than rising up to 1.4643 as expected, closing the day at 1.4584. On the 3 hour chart descending channel is formed. However, this morning, the European is correcting upwards. The nearest resistance is yesterday's top 1.4645, followed by 1.4770. Immediate and strong support is yesterday's bottom at 1.4535, the break down of which may weaken the Euro further towards next target 1.4410. The CCI indicator is in the overbought zone and downwards on the 1 hour chart, suggesting bearish pressure.

Technical resistance levels: 1.4645 1.4770 1.4900

Technical support levels: 1.4535 1.4410 1.4290

Trading range: 1.4640 - 1.4575

Trend: Downward

Sell at 1.4626 SL 1.4656 TP 1.4586

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

5:32 GMT+1 Sell EUR/USD at 1.4636 SL 1.4662 TP 1.4586 exited at 7:17 GMT

Total yesterday +177, as shown at www.zifx.com/performance.php

/