EUR/USD 1.4344 - 13 June 2011

EUR/USD Open 1.4329 High 1.4551 Low 1.4282 Close 1.4342

On Friday the Euro/Dollar continued decreasing strongly on the Greek debt unsolved situation, with 230 pips. The European currency depreciated from 1.4551 to 1.4320 on Friday, not matching the positive Interbank sentiment projection at nearly +15%, closing the week at 1.4342. This morning weakened even further,dropping down to 1.4282. On the 1 hour chart new downward channel is emerging, while on the 3 hour chart trading remains within wide range. Break above the nearest resistance and Friday's top at 1.4551 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.4282, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.4170. Today's focus is on Italy Industrial production at 8 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is thinly negative and calm, MACD is 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: 1.4551 1.4663 1.4770
Technical support levels: 1.4282 1.4170 1.4054

Trading range: 1.4355 - 1.4280
Trend: Downward
Sell at 1.4344 SL 1.4374 TP 1.4294

On Friday we made +50 pips profit on EUR/USD from the following signal:
5:30 GMT+1 Sell EUR/USD at 1.4497 SL 1.4523 TP 1.4447, TP reached at 8:27 GMT+1.
Total on Friday +146, as shown in details at http://www.zifx.com/performance.php.

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