EUR/USD Technical Analysis 15 February 2011

By @ibtimes on

EUR/USD 1.3522 - 15 February 2011
EUR/USD Open 1.3478 High 1.3558 Low 1.3428 Close 1.3485

On Monday the Euro/Dollar decreased significantly with around 130 pips. The European currency depreciated from 1.3558 to 1.3428 yesterday, matching the negative Interbank sentiment projection at almost -3%, closing the day at 1.3485. This morning the Euro is making again recovery efforts, but its movements are still within yesterday's range for now. On the 1 hour chart the downward channel has resumed, while on the 3 hour chart the upward channel is on hold. Break above the nearest resistance and yesterday's top at 1.3558 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3428, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3315. Today's focus is on France, Germany, Italy and EU16 GDP, Germany ZEW economic expectations index and EU16 Trade balance, at 6:30, 7, 9 and 10 GMT respectively. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive, calm and in the overbought zone, MACD is negative and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 1.3558 1.3672 1.3788
Technical support levels: 1.3428 1.3315 1.3200

Trading range: 1.3535 - 1.3470
Trend: Downward
Sell at 1.3522 SL 1.3552 TP 1.3482

Yesterday we made +28 pips profit on EUR/USD from the following signal:
6:35 GMT Buy EUR/USD at 1.3538 SL 1.3512 TP 1.3588, exit sent at 7:37 GMT.
Total yesterday +78, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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