EUR/USD 1.3341 - 14 January 2011

EUR/USD Open 1.3349 High 1.3383 Low 1.3088 Close 1.3362

On Thursday the Euro/Dollar continued increasing significantly with nearly 300 pips. The European currency appreciated from 1.3088 to 1.3383 yesterday, matching the positive Interbank sentiment projection at over +4%, closing the day at 1.3362. This morning trading is tranquil and without clear direction for the time being. On the 1 hour chart new upward channel has formed, while on the 3 hour chart the downward channel was broken upwards. Break above the nearest resistance and yesterday's top at 1.3383 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.3088, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2976. Today's focus is on Germany Wholesale prices, CPI and HICP, Italy CPI and HICP and EU16 Harmonized CPI and Trade balance, at 7, 9 and 10 GMT respectively. Quotes are moving just above 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and declining, MACD is positive and quiet, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.3383 1.3490 1.3600
Technical support levels: 1.3088 1.2976 1.2869

Trading range: 1.3330 - 1.3395
Trend: Upward
Buy at 1.3341 SL 1.3311 TP 1.3381

Yesterday we made +31 pips profit on EUR/USD from the following signal:
5:29 GMT Buy EUR/USD at 1.3105 SL 1.3079 TP 1.3155, TP reached at 9:22 GMT.
Total yesterday +149, as shown in details at