EUR/USD 1.3878 - 10 March 2011

EUR/USD Open 1.3903 High 1.3942 Low 1.3855 Close 1.3905

On Wednesday the Euro/Dollar traded within almost 90 pip range. The European currency appreciated from 1.3855 to 1.3942 yesterday, matching the positive Interbank sentiment projection at nearly +29%, closing the day at 1.3905. This morning the pair is showing weakness again, but it's moving within yesterday's range for now. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart the upward channel still looks good. Break above the nearest resistance and yesterday's top at 1.3942 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3855, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3740. Today's focus is on Germany Current account and Trade balance, and France and Italy Industrial production, at 7 and 7:45 GMT respectively. Quotes are moving bellow the close to each other 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and declining, MACD is neutral and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.3942 1.4062 1.4180
Technical support levels: 1.3855 1.3740 1.3624

Trading range: 1.3890 - 1.3815
Trend: Downward
Sell at 1.3878 SL 1.3908 TP 1.3828

Yesterday we made +33 pips profit on EUR/USD from the following signal:
5:29 GMT Sell EUR/USD at 1.3890 SL 1.3916 TP 1.3840, exit sent at 8:35 GMT.
Total yesterday +112, as shown in details at