EUR/USD 1.3828 - 11 March 2011

EUR/USD Open 1.3800 High 1.3924 Low 1.3774 Close 1.3795

On Thursday the Euro/Dollar resumed decreasing with 150 pips. The European currency depreciated from 1.3924 to 1.3774 yesterday, not matching the positive Interbank sentiment projection at nearly +32%, closing the day at 1.3795. This morning the pair is is trading quietly, and within yesterday's range for now. On the 1 hour chart the upward channel was broken downwards, while on the 3 hour chart quotes are testing the lower limit of the upward channel. Break above the nearest resistance and yesterday's top at 1.3924 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3774, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3660. Today's focus is on Germany CPI, HICP and Wholesale prices, and Italy GDP Q4, at 7 and 9 GMT respectively. Quotes are moving just above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term slim bullish and medium term bearish pressure. The value of the RSI indicator is positive and rising, MACD is negative and inclining upwards, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 1.3924 1.4038 1.4150
Technical support levels: 1.3774 1.3660 1.3544

Trading range: 1.3840 - 1.3765
Trend: Downward
Sell at 1.3828 SL 1.3858 TP 1.3778

Yesterday we made +33 pips profit on EUR/USD from the following signal:
5:30 GMT Sell EUR/USD at 1.3874 SL 1.3900 TP 1.3824, TP reached at 7:14 GMT.
Total yesterday +142, as shown in details at