EUR/USD 1.3803 - 1 March 2011

EUR/USD Open 1.3820 High 1.3855 Low 1.3710 Close 1.3805

On Monday the Euro/Dollar resumed ascending with over 140 pips. The European currency appreciated from 1.3710 to 1.3855 yesterday, matching the positive Interbank sentiment projection at just under +8%, closing the day at 1.3805. This morning the pair is moving hesitantly, and within yesterday's range for the time being. On the 1 hour chart the upward channel looks good, while on the 3 hour chart the upward channel is still trying to resume. Break above the nearest resistance and yesterday's top at 1.3855 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3710, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3592. Today's focus is on Italy, France, Germany and EU17 PMI, Germany Unemployment, Italy CPI and HICP, EU17 Harmonized CPI and Unemployment, and Italy GDP Q4 revised, at 8:45, 8:50, 8:55, 9, 10 and 11 GMT respectively. Quotes are moving just bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term slim bearish and medium term bullish pressure. The value of the RSI indicator is neutral and inclining upwards, MACD is positive and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.3855 1.3950 1.4067
Technical support levels: 1.3710 1.3592 1.3477

Trading range: 1.3790 - 1.3865
Trend: Upward
Buy at 1.3803 SL 1.3733 TP 1.3853

Yesterday we made +32 pips profit on EUR/USD from the following signal:
6:29 GMT Buy EUR/USD at 1.3754 SL 1.3728 TP 1.3804, TP reached at 9:05 GMT.
Total yesterday +114, as shown in details at