EUR/USD Technical Analysis 1 February 2011

By @ibtimes on

EUR/USD 1.3720 - 1 February 2011
EUR/USD Open 1.3712 High 1.3739 Low 1.3569 Close 1.3691

On Monday the Euro/Dollar increased significantly with around 170 pips. The European currency appreciated from 1.3569 to 1.3739 yesterday, matching the positive Interbank sentiment projection at almost +44%, closing the day at 1.3691. This trading is tranquil and and at the top of yesterday's range for now. On the 1 hour chart the upward channel is trying to resume, while on the 3 hour chart the upward channel looks good. Break above the nearest resistance and yesterday's top at 1.3739 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3569, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3454. Today's focus is on France PPI and PMI, Germany PMI and Unemployment, EU17 PMI and EU16 Unemployment, at 7:45, 8:45, 8:50, 8:55, 9 and 10 GMT respectively. 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 thinly negative and quiet, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.3739 1.3860 1.3975
Technical support levels: 1.3569 1.3454 1.3340

Trading range: 1.3710 - 1.3770
Trend: Upward
Buy at 1.3720 SL 1.3690 TP 1.3760

Yesterday we made +37 pips profit on EUR/USD from the following signal:
5:17 GMT Buy EUR/USD at 1.3600 SL 1.3574 TP 1.3650, exit sent at 7:44 GMT.
Total yesterday +92, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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