EUR/USD Technical Analysis 21 August 2008

21 Aug, 2008 @ 01:44 am ET | written by iFOREX

EUR/USD 1.4770 - 21 August

EUR/USD Open 1.4687 High 1.4798 Low 1.4675 Close 1.4737

The Euro descended significantly yesterday against the US Dollar from Wedneesday's bottom 1.4634 to the top 1.4798, after which started recovering, and the above are the the first resistance and support levels respectively for the currency couple today. If the positive trend continues, next resistance is expected at 1.4870, followed by 1.4930. In downward direction next support for today is expected at 1.4600, the break of which would lead to next target 1.4500.

Technical resistance levels: 1.4800 1.4870 1.4540

Technical support levels: 1.4675 1.4600 1.4540

Trading range: 1.4760 - 1.4820

Trend: Upward

Buy at 1.4770 SL 1.4740 TP 1.4810

Yesterday we made +14 pips profit on EUR/USD from the following signal:

6:03 GMT+1 Sell Buy EUR/USD at 1.4762 SL 1.4736 TP 1.4812 exited 6:36 GMT+1

Total yesterday +103, as shown at www.zifx.com/performance.php