EUR/USD 1.3936 - 17 March 2011

EUR/USD Open 1.3881 High 1.4001 Low 1.3866 Close 1.3921

On Wednesday the Euro/Dollar decreased with almost 140 pip range as the atomic crisis in Japan continued and investors were looking for refuge in the Dollar. The European currency depreciated from 1.4001 to 1.4013 yesterday, not matching the positive Interbank sentiment projection at almost +22%, closing the day at 1.3921. This morning the pair is trading quietly at the lower side of yesterday's range. On the 1 hour chart range trading has formed, while on the 3 hour chart the upward channel is intact. Break above the nearest resistance and yesterday's top at 1.4001 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.3866, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3750. There are no major economic events for EU today. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is neutral and calm, MACD is negative and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.4001 1.4117 1.4226
Technical support levels: 1.3866 1.3750 1.3633

Trading range: 1.3950 - 1.3875
Trend: Downward
Sell at 1.3936 SL 1.3966 TP 1.3886

Yesterday we made +23 pips profit on EUR/USD from the following signal:
5:30 GMT Buy EUR/USD at 1.3978 SL 1.3952 TP 1.4028, exit sent at 7:08 GMT.
Total yesterday +111, as shown in details at http://www.zifx.com/performance.php.

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