EUR/USD 1.4202 - 13 May 2011

EUR/USD Open 1.4233 High 1.4277 Low 1.4121 Close 1.4244

On Thursday the Euro/Dollar corrected slightly upward with 55 pips after initial decrease in the morning. The European currency appreciated from 1.4121 to 1.4277 yesterday, matching the positive Interbank sentiment projection at nearly +9%, closing the day at 1.4244. This morning the pair is moving quietly, but weakening may renew later as Europe's debt crisis could still spread despite the bailouts already made for 3 countries. On the 1 hour chart the new downward channel is intact, while on the 3 hour new downward channel is emerging. Break above the nearest resistance and yesterday's top at 1.4277 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4121, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.4000. Today's focus is on France, Germany, taly and EU16 GDP, at 6:30, 7, 9 and 10 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 neutral and declining, MACD is thinly negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.4277 1.4583 1.4700
Technical support levels: 1.4121 1.4000 1.3887

Trading range: 1.4215 - 1.4150
Trend: Downward
Sell at 1.4202 SL 1.4232 TP 1.4160

Yesterday we made +45 pips profit on EUR/USD from the following signal:
5:29 GMT+1 Sell EUR/USD at 1.4231 SL 1.4257 TP 1.4181, TP reached at 9:47 GMT+1.
Total yesterday +163, as shown in details at