EUR/USD 1.3932 - 14 March 2011

EUR/USD Open 1.3930 High 1.3981 Low 1.3750 Close 1.3897

On Friday the Euro/Dollar recovered strongly after dropping in the morning. The European currency appreciated from 1.3924 to 1.3920 on Friday, matching the positive Interbank sentiment projection at over +27%, closing the week at 1.3897. This morning the pair climbed further, reaching up to 1.3981. On the 1 hour chart the upward channel is making renewal attempts, while on the 3 hour chart the upward channel looks good. Break above the nearest resistance and today's top at 1.3981 may trigger further strengthening of the Euro. Going bellow Friday's bottom and first support at 1.3750, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3631. Today's focus is on EU16 Industrial production at 10 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and quiet too, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.3981 1.4100 1.4211
Technical support levels: 1.3750 1.3631 1.3514

Trading range: 1.3920 - 1.4000
Trend: Upward
Buy at 1.3932 SL 1.3902 TP 1.3982

On Friday we made +36 pips profit on EUR/USD from the following signal:
5:29 GMT Sell EUR/USD at 1.3825 SL 1.3851 TP 1.3775, exit sent at 7:13 GMT.
Total on Friday +172, as shown in details here.