EUR/USD 1.4475 - 13 April 2011

EUR/USD Open 1.4473 High 1.4519 Low 1.4376 Close 1.4471

After slight decrease in the morning, on Tuesday the Euro/Dollar commenced recovering with around 145 pips. The European currency appreciated from 1.4376 to 1.4519 yesterday, matching the positive Interbank sentiment projection at almost +11%, closing the day at 1.4471. This morning is trading quietly, and within yesterday's range for now. On the 1 hour chart the upward channel is making renewal attempts, while on the 3 hour chart the upward looks good. Break above the nearest resistance and yesterday's top at 1.4519 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4376, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4260. Today's focus is on France CPI and HICP, Germany Wholesale prices and EU16 Industrial production, at 5:30, 6 and 9 GMT respectively. Quotes are moving in line with the 20 and above the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is positive and quiet, while CCI is in line the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.4519 1.4638 1.4750
Technical support levels: 1.4376 1.4260 1.4144

Trading range: 1.4465 - 1.4525
Trend: Upward
Buy at 1.4475 SL 1.4445 TP 1.4515

Yesterday we made +27 pips profit on EUR/USD from the following signal:
5:31 GMT+1 Sell EUR/USD at 1.4406 SL 1.4432 TP 1.4356, exit sent at 7:50 GMT+1.
Total yesterday +123, as shown in details at http://www.zifx.com/performance.php.

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