EUR/USD 1.4133 - 16 June 2011

EUR/USD Open 1.4178 High 1.4450 Low 1.4111 Close 1.4173

On Wednesday the Euro/Dollar plummeted on the continuing Greek debt issue, decreasing with 220 pips. The European currency appreciated from 1.4377 to 1.4155 yesterday, not matching the positive Interbank sentiment projection at over +8%, closing the day at 1.4173. This morning the European currency continued descending, dropping down to 1.4111. On the 1 hour chart new downward channel has emerged, while on the 3 hour chart trading remains within wide range. Break above the nearest resistance and yesterday's top at 1.4450 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.4111, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.4000. Today's focus is on Italy CPI and HICP, and EU17 Harmonized CPI, at 8 and 9 GMT respectively. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and declining, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.4450 1.4662 1.4780
Technical support levels: 1.4111 1.4000 1.3884

Trading range: 1.4145 - 1.4070
Trend: Downward
Sell at 1.4133 SL 1.4163 TP 1.4083

Yesterday we made +50 pips profit on EUR/USD from the following signal:
5:29 GMT+1 Sell EUR/USD at 1.4414 SL 1.4440 TP 1.4364, TP reached at 8:04 GMT+1.
Total yesterday +191, as shown in details at http://www.zifx.com/performance.php.

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