EUR/USD 1.4400 - 11 May 2011

EUR/USD Open 1.4405 High 1.4423 Low 1.4269 Close 1.4407

On Tuesday the Euro/Dollar continued trading within 150 pip range. The European currency depreciated first from 1.4377 to 1.4269, later recovered back up to 1.4419 yesterday, matching the positive Interbank sentiment projection at over +10%, closing the day at 1.4407. This morning the pair corrected further upwards to 1.4423, but weakening may resume later in the day as the economic issues in Greece continue. On the 1 hour chart the downward channel has slowed down, while on the 3 hour the upward channel was broken downwards, but resuming is not impossible. Break above the nearest resistance and today's top at 1.4423 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4269, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4140. Today's focus is on Germany CPI and HICP, both at 6 GMT. Quotes are moving just above the almost even 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is positive and hesitant, MACD is thinly positive and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 1.4423 1.4552 1.4668
Technical support levels: 1.4269 1.4140 1.4018

Trading range: 1.4410 - 1.4340
Trend: Downward
Sell at 1.4400 SL 1.4430 TP 1.4350

Yesterday we made +50 pips profit on EUR/USD from the following signal:
5:30 GMT+1 Sell EUR/USD at 1.4336 SL 1.4362 TP 1.4286, TP reached at 6:27 GMT+1.
Total yesterday +164, as shown in details at