EUR/USD 1.3572 - 11 February 2011

EUR/USD Open 1.3602 High 1.3729 Low 1.3561 Close 1.3599

On Thursday the Euro/Dollar decreased significantly with over 150 pips. The European currency depreciated from 1.3729 to 1.3576 yesterday, matching the negative Interbank sentiment projection at almost -3%, closing the day at 1.3599. This morning the Euro weakened even further down to 1.3561. On the 1 hour chart range trading has formed, while on the 3 hour chart the upward channel is on hold. Break above the nearest resistance and yesterday's top at 1.3729 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.3561, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3450. Today's focus is on Germany CPI, HICP and Wholesale prices, all at 7 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 negative and declining, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.3729 1.3840 1.3954
Technical support levels: 1.3561 1.3450 1.3334

Trading range: 1.3585 - 1.3520
Trend: Downward
Sell at 1.3572 SL 1.3602 TP 1.3532

Yesterday we made +50 pips profit on EUR/USD from the following signal:
7:35 GMT Sell EUR/USD at 1.3675 SL 1.3701 TP 1.3625, TP reached at 9:19 GMT.
Total yesterday +111, as shown in details at http://www.zifx.com/performance.php.

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