EUR/USD 1.4229 - 12 May 2011

EUR/USD Open 1.4209 High 1.4423 Low 1.4171 Close 1.4190

On Wednesday the Euro/Dollar resumed decreasing significantly with 250 pips. The European currency depreciated from 1.4423 to 1.4171 yesterday, not matching the positive Interbank sentiment projection at nearly +9%, closing the day at 1.4190. This morning the pair is moving quietly, but weakening may renew later as the Greek economy is still on the map. On the 1 hour chart the downward channel has resumed, while on the 3 hour new downward channel is emerging. Break above the nearest resistance and yesterday's top at 1.4423 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4171, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4056. Today's focus is on France CPI and HICP, and EU17 Industrial production, at 5:30 and 9 GMT respectively. 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 calm, MACD is thinly negative and quiet too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.4423 1.4552 1.4668
Technical support levels: 1.4171 1.4056 1.3900

Trading range: 1.4240 - 1.4165
Trend: Downward
Sell at 1.4229 SL 1.4259 TP 1.4179

Yesterday we made +35 pips profit on EUR/USD from the following signal:
5:29 GMT+1 Sell EUR/USD at 1.4401 SL 1.4427 TP 1.4351, exit sent at 8:25 GMT+1.
Total yesterday +93, as shown in details at http://www.zifx.com/performance.php.

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