The EUR/USD after partial retrieve on 17 June 2011

EUR/USD Open 1.4197 High 1.4222 Low 1.4072 Close 1.4173 Now 1.4153

On Thursday the Euro/Dollar continued decreasing, recovering in the afternoon with 150 pips. After descending down to 1.4072, the European currency appreciated to 1.4222 yesterday, matching the positive Interbank sentiment projection at over +9%, closing the day at 1.4190. This morning the European currency is trading hesitantly and within yesterday's range for now. On the 1 hour chart new downward channel has formed, while on the 3 hour chart trading remains within wide range. Break above the nearest resistance and yesterday's top at 1.4222 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4072, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.3960. Today's focus is on EU17 Trade balance at 9 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is thinly positive and declining, MACD is neutral and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral to light short signals.
Technical resistance levels: 1.4222 1.4341 1.4460
Technical support levels: 1.4072 1.3960 1.3843

Trading range: 1.4165 - 1.4090
Trend: Downward
Sell at 1.4153 SL 1.4183 TP 1.4103

Yesterday we made +50 pips profit on EUR/USD from the following signal:
5:27 GMT+1 Sell EUR/USD at 1.4186 SL 1.4212 TP 1.4136, TP reached at 5:44 GMT+1.
Total yesterday +140, as shown in details at