EUR/USD 1.4703 - 7 October 2009

EUR/USD Open 1.4716 High 1.4754 Low 1.4645 Close 1.4719

On Tuesday Euro/Dollar traded moderately upwards. The currency couple rose up to the 1.4754 top, where it found strong resistance, and closed the day at 1.4719. The current ascending scenario remains intact for now and our expectations are for rising Euro in the short term. If the above 1.4755 resistance is penetrated upwards, we may witness stronger upward momentum for the Euro towards 1.4870, before the psychological 1.5000. The nearest support is yesterday's bottom at 1.4645, the break of which may shake the current up trend and lead to further strengthening of the Dollar. The CCI indicator has just crossed up the 100 line on the 1 hour chart, suggesting bullish pressure.

Technical resistance levels: 1.4755 1.4870 1.5000

Technical support levels: 1.4645 1.4430 1.4300

Trading range: 1.4690 - 1.4755

Trend: Upward

Buy at 1.4703 SL 1.4673 TP 1.4743

Yesterday we made +44 pips profit on EUR/USD from the following signal:

5:38 GMT+1 Buy EUR/USD at 1.4705 SL 1.4679 TP 1.4755 exited at 7:06 GMT

Total yesterday +160, as shown at www.zifx.com/performance.php

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