EUR/USD 1.4703 - 6 October 2009
Euro/Dollar made a moderately increasing movement on Monday. The currency couple attempted to rise, reaching a peak at 1.4667, where the bullish impulse was limited, and the currency pair closed the day at 1.4647. On the 3 hour chart the descending channel was broken upwards, and the upper limit now plays a good support line, limiting the bearish pressure. Therefore, after the insignificant downward correction, continuation of the bullish scenario would not be unexpected. Signals are expected to be rising for now with targets towards 1.4840. Break above that level may trigger stronger impulse with potential test of 1.4950. Immediate support is yesterday's bottom 1.4580, the break of which may shake again the current rising trend. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting bullish pressure.
Technical resistance levels: 1.4720 1.4840 1.4950
Technical support levels: 1.4580 1.4465 1.4330
7:31 GMT+1 Sell EUR/USD at 1.4656 SL 1.4682 TP 1.4606 exited at 8:01 GMT
Total yesterday +153, as shown at www.zifx.com/performance.php
Buy at 1.4703 SL 1.4673 TP 1.4743