EUR/USD Extends Its Gains to 1.4578

EUR/USD Open 1.4536 High 1.4578 Low 1.4434 Close 1.4520

On Friday the Euro/Dollar traded within 110 pip range. The European currency depreciated from 1.4552 to 1.4434 on Friday, not matching the positive Interbank sentiment projection at almost +11%, closing the week at 1.4520. This morning the European currency extended its gains, climbing up to 1.4578. On the 1 hour chart new upward channel has emerged, while on the 3 hour chart trading remains within wide range. Break above the nearest resistance and today's top at 1.4538 may trigger further strengthening of the Euro. Going bellow Friday's bottom and first support at 1.4434, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.4318. Today's focus is on EU17 PPI at 9 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.4578 1.4690 1.4800
Technical support levels: 1.4434 1.4318 1.4200

Trading range: 1.4570 - 1.4495
Trend: Downward
Sell at 1.4558 SL 1.4588 TP 1.450
 

On Friday we made +47 pips profit on EUR/USD from the following signal:
5:28 GMT+1 Buy EUR/USD at 1.4505 SL 1.4479 TP 1.4555, exit sent at 7:46 GMT+1.
Total on Friday +123, as shown in details at http://www.zifx.com/performance.php.

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