EUR/USD 1.4463 - 14 April 2011

EUR/USD Open 1.4440 High 1.4520 Low 1.4406 Close 1.4441

On Wednesday the Euro/Dollar adjusted downwards with just over 100 pips. The European currency depreciated from 1.4520 to 1.4413 yesterday, not matching the positive Interbank sentiment projection at above +13%, closing the day at 1.4441. This morning, after dropping further down to 1.4406, the pair is making recovery attempts, but unconvincing, and moving within yesterday's range for now. On the 1 hour chart the upward channel is trying to renew, while on the 3 hour chart the upward channel looks good. Break above the nearest resistance and yesterday's top at 1.4520 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.4406, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4290. There are no major economic events for EU today. Quotes have just crossed up the even 20 and 50 EMA on the 1 hour chart, indicating bullish impulse. The value of the RSI indicator is positive and declining, MACD is negative and inclining upwards, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.4520 1.4638 1.4750
Technical support levels: 1.4406 1.4290 1.4173

Trading range: 1.4450 - 1.4515
Trend: Upward
Buy at 1.4463 SL 1.4433 TP 1.4503

Yesterday we made +45 pips profit on EUR/USD from the following signal:
5:34 GMT+1 Buy EUR/USD at 1.4471 SL 1.4445 TP 1.4521, exit sent at 7:45 GMT+1.
Total yesterday +125, as shown in details at http://www.zifx.com/performance.php.

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