EUR/USD 1.3525 - 16 February 2011

EUR/USD Open 1.3492 High 1.3550 Low 1.3460 Close 1.3484

On Tuesday the Euro/Dollar traded within a 90 pip range. The European currency depreciated fist to 1.3460, than climbed up to 1.3550 yesterday, matching the neutral Interbank sentiment projection at under -4%, closing the day at 1.3484. This morning the Euro is trading hesitantly and 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 1.3550 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3460, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3348. There are no major economic events for EU today. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure, but with last red warning candles. The value of the RSI indicator is neutral and calm, MACD is neutral and quiet too, while CCI has crossed up the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 1.3550 1.3661 1.3775
Technical support levels: 1.3460 1.3348 1.3240

Trading range: 1.3535 - 1.3475
Trend: Downward
Sell at 1.3525 SL 1.3555 TP 1.3485

Yesterday we made +46 pips profit on EUR/USD from the following signal:
5:29 GMT Sell EUR/USD at 1.3516 SL 1.3542 TP 1.3466, TP reached at 7:52 GMT.
Total yesterday +151, as shown in details at http://www.zifx.com/performance.php.

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