EUR/USD 1.4409 - 12 April 2011

EUR/USD Open 1.4437 High 1.4493 Low 1.4377 Close 1.4433

On Monday the Euro/Dollar decreased insignificantly with around 70 pips. The European currency appreciated from 1.4493 to 1.4420 yesterday, not matching the positive Interbank sentiment projection at almost +17%, closing the day at 1.4433. This morning the pair weakened further, descending down to 1.4377. On the 1 hour chart quotes are testing the lower limit of the upward channel, while on the 3 hour chart the upward channel is intact. Break above the nearest resistance and yesterday's top at 1.4493 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.4377, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4260. Today's focus is on Germany CPI and ZEW economic expectations index, at 6 and 9 GMT respectively. Quotes are moving just bellow the even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is neutral and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall lifgt short signals.
Technical resistance levels: 1.4493 1.4600 1.4716
Technical support levels: 1.4377 1.4260 1.4144

Trading range: 1.4420 - 1.4355
Trend: Downward
Sell at 1.4409 SL 1.4439 TP 1.4369

Yesterday we made +9 pips profit on EUR/USD from the following signal:
5:30 GMT+1 Buy EUR/USD at 1.4460 SL 1.4434 TP 1.4510, exit sent at 8:45 GMT+1.
Total yesterday +63, as shown in details at