EUR/USD 1.4749 - 8 October 2009

EUR/USD Open 1.4687 High 1.4773 Low 1.4655 Close 1.4688

Euro/Dollar made a moderate increasing movement on Wednesday, reaching a peak at 1.4736, than dropping down to the 1.4655 bottom, closing the day at 1.4688. On the 3 hour chart after hesitant movements around the resistance level, the currency pair got over the trend line, indicating that the accumulated bullish pressure can still maintain the ascending impulse intact. Our expectations in the short term are rising, with objectives towards 1.4885. However, as the strong resistance at 1.4850 limited upward movements a fortnight ago, our medium term preferable scenario is neutral. The nearest support is yesterday's bottom 1.4655. Break under this level may shake the current upward outlook. The CCI indicator has crossed up the 100 line on the 1 hour chart, suggesting bullish pressure.

Technical resistance levels: 1.4775 1.4885 1.5000

Technical support levels: 1.4655 1.4430 1.4300

Trading range: 1.4735 - 1.4800

Trend: Upward

Buy at 1.4749 SL 1.4719 TP 1.4789

Yesterday we made +25 pips profit on EUR/USD from the following signal:

5:37 GMT+1 Buy EUR/USD at 1.4702 SL 1.4676 TP 1.4752 exited at 7:14 GMT

Total yesterday +118, as shown at