EUR/USD 1.3536 - 14 February 2011

EUR/USD Open 1.3510 High 1.3621 Low 1.3496 Close 1.3546

On Friday the Euro/Dollar decreased significantly with over 120 pips. The European currency depreciated from 1.3621 to 1.3496 on Friday, matching the negative Interbank sentiment projection at almost -3%, closing the week at 1.3546. This morning the Euro is making recovery efforts, but it's still within Friday's range for now. On the 1 hour chart range trading has formed, while on the 3 hour chart the upward channel is on hold. Break above the nearest resistance and Friday's top at 1.3621 may trigger further strengthening of the Euro. Going bellow Friday's bottom and first support at 1.3496, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3385. Today's focus is on EU16 Industrial production at 10 GMT. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is negative and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.3621 1.3733 1.3850
Technical support levels: 1.3496 1.3385 1.3269

Trading range: 1.3525 - 1.3590
Trend: Upward
Buy at 1.3536 SL 1.3506 TP 1.3576

On Friday we made +28 pips profit on EUR/USD from the following signal:
5:30 GMT Sell EUR/USD at 1.3579 SL 1.3605 TP 1.3529, TP reached at 9:26 GMT.
Total on Friday +124, as shown in details at http://www.zifx.com/performance.php.

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