EUR/USD 1.4495 - 10 June 2011

EUR/USD Open 1.4508 High 1.4655 Low 1.4476 Close 1.4507

On Thursday the Euro/Dollar decreased on the negative news about Greece on the ECB conference, with 180 pips. The European currency depreciated from 1.4655 to 1.4476 yesterday, not matching the positive Interbank sentiment projection at nearly +3%, closing the day at 1.4507. This morning the pair is showing weakness again, but movements are still within yesterday's range for now. On the 1 hour chart the upward channel has disturbed downwards, while on the 3 hour chart trading remains within the wide range. Break above the nearest resistance and yesterday's top at 1.4655 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4476, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.4363. Today's focus is on Germany CPI and HICP, France Industrial production and Italy GDP Q1, at 6, 6:45 and 8 GMT respectively. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is thinly negative and declining, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.4655 1.4770 1.4884
Technical support levels: 1.4476 1.4363 1.4250

Trading range: 1.4505 - 1.4435
Trend: Downward
Sell at 1.4495 SL 1.4525 TP 1.4445

Yesterday we made +36 pips profit on EUR/USD from the following signal:
5:28 GMT+1 Buy EUR/USD at 1.4611 SL 1.4585 TP 1.4661, exit sent at 8:16 GMT+1.
Total yesterday +99, as shown in details at http://www.zifx.com/performance.php.

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