EUR/USD 1.4415 - 15 June 2011

EUR/USD Open 1.4446 High 1.4497 Low 1.4377 Close 1.4438

On Tuesday the Euro/Dollar continued recovering, increasing with 120 pips. The European currency appreciated from 1.4377 to 1.4497 yesterday, matching the positive Interbank sentiment projection at almost +14%, closing the day at 1.4438. This morning the European currency is under pressure in Asia, but movements are within yesterday's range for now. On the 1 hour chart the upward channel was broken downwards, while on the 3 hour chart trading remains within wide range. Break above the nearest resistance and yesterday's top at 1.4497 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4377, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.4265. Today's focus is on France CPI and HICP, and EU17 Industrial production, at 5:30 and 9 GMT respectively. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and declining, MACD is neutral and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.4497 1.4610 1.4726
Technical support levels: 1.4377 1.4265 1.4150

Trading range: 1.4425 - 1.4365
Trend: Downward
Sell at 1.4415 SL 1.4445 TP 1.4375

Yesterday we made +43 pips profit on EUR/USD from the following signal:
5:29 GMT+1 Buy EUR/USD at 1.4429 SL 1.4403 TP 1.4479, exit sent at 8:11 GMT+1.
Total yesterday +91, as shown in details at http://www.zifx.com/performance.php.

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