EUR/USD 1.3928 - 15 March 2011

EUR/USD Open 1.3988 High 1.4003 Low 1.3890 Close 1.3986

On Monday the Euro/Dollar continued recovering with 100 pips. The European currency appreciated from 1.3903 to 1.4003 yesterday, matching the positive Interbank sentiment projection at under +30%, closing the day at 1.3986. This morning the pair dropped down to 1.3890, from where we expect to head up again. On the 1 hour chart the upward channel is making renewal efforts, while on the 3 hour chart the upward channel looks good. Break above the nearest resistance and yesterday's top at 1.4003 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.3890, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3777. Today's focus is on France CPI and HICP, and Germany ZEW economic expectations index, at 6:30 and 10 GMT respectively. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is negative and calm, MACD is positive and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.4003 1.4120 1.4226
Technical support levels: 1.3890 1.3777 1.3660

Trading range: 1.3915 - 1.3990
Trend: Upward
Buy at 1.3928 SL 1.3898 TP 1.3978

Yesterday we made +26 pips profit on EUR/USD from the following signal:
6:00 GMT Buy EUR/USD at 1.3927 SL 1.3901 TP 1.3977, exit sent at 7:45 GMT.
Total yesterday +123, as shown in details at