EUR/USD Technical Analysis 10 May 2011

By @ibtimes on

EUR/USD 1.43455 - 10 May 2011

EUR/USD Open 1.4372 High 1.4442 Low 1.4252 Close 1.4362

On Monday the Euro/Dollar continued descending with almost 190 pips. The European currency depreciated from 1.4442 to 1.4252 yesterday, not matching the positive Interbank sentiment projection at over +7%, closing the day at 1.4362. This morning the pair is correcting upwards, but weakening is expected to resume later in the day. On the 1 hour chart new downward channel has emerged, while on the 3 hour the upward channel was broken downwards. Break above the nearest resistance and yesterday's top at 1.4442 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4252, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4140. Today's focus is on France and Italy Industrial production, both at 6:45 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is negative and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall neutral to light short signals.
Technical resistance levels: 1.4442 1.4552 1.4668
Technical support levels: 1.4252 1.4140 1.4018

Trading range: 1.43455 - 1.4270
Trend: Downward
Sell at 1.4334 SL 1.4364 TP 1.4284

Yesterday we made +23 pips profit on EUR/USD from the following signal:
5:31 GMT+1 Sell EUR/USD at 1.4391 SL 1.4417 TP 1.4341, exit sent at 6:40 GMT+1.
Total yesterday +88, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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