EUR/USD 1.4288 - 31 August 2009
EUR/USD Open 1.4287 High 1.4386 Low 1.4277 Close 1.4297

Euro/Dollar made a bearish movement on Friday as expected, reaching a bottom at 1.4280, and ending the week at 1.4297. On the 1 hour chart the upper limit of the downward channel gives the currency couple important resistance, preventing future bullish pressure for the moment, and indicating that the bearish scenario remains valid. The downward trend is close to the 1.4275 support. The CCI indicator, has crossed down the 100 line on the 1 hour chart, suggesting potential downward pressure with test of 1.4220. Break below this level may lead the European currency to further losses towards 1.4100.

Technical resistance levels: 1.4385 1.4500 1.4605

Technical support levels: 1.4220 1.4100 1.3990

Trading range: 1.4300 - 1.4235

Trend: Downward

Sell at 1.4288 SL 1.4318 TP 1.4248

On Friday we made +34 pips profit on EUR/USD from the following signal:

5:36 GMT+1 Sell EUR/USD at 1.4360 SL 1.4386 TP 1.4310 exited at 8:39 GMT

Total on Friday +138, as shown at www.zifx.com/performance.php

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