EUR/USD Technical Analysis 16 March 2011

By @ibtimes on

EUR/USD 1.3975 - 16 March 2011
EUR/USD Open 1.3983 High 1.4013 Low 1.3854 Close 1.3995

On Tuesday the Euro/Dollar traded down and up within 150 pip range. After dropping down to 1.3854, the European currency appreciated to 1.4013 yesterday, matching the positive Interbank sentiment projection at under +20%, closing the day at 1.3995. This morning the pair is trading quietly at the upper side of yesterday's range. On the 1 hour chart the upward channel is making renewal efforts, while on the 3 hour chart the upward channel is intact. Break above the nearest resistance and yesterday's top at 1.4013 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.3854, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3742. Today's focus is on Italy CPI, HICP and Consumer confidence, and EU17 Harmonized CPI, at 9 and 10 GMT respectively. Quotes are moving just above the almost even 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is thinly positive and calm, MACD is positive and tranquil too, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.4013 1.4120 1.4226
Technical support levels: 1.3854 1.3742 1.3621

Trading range: 1.3765 - 1.4035
Trend: Upward
Buy at 1.3975 SL 1.3945 TP 1.4025

Yesterday we made +36 pips profit on EUR/USD from the following signal:
7:11 GMT Buy EUR/USD at 1.3902 SL 1.3876 TP 1.3952, exit sent at 8:28 GMT.
Total yesterday +134, as shown in details at href=http://www.zifx.com/performance.php.

ZIFX.com

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