EUR/USD 1.4166 - 17 May 2011

EUR/USD Open 1.4158 High 1.4244 Low 1.4046 Close 1.4155

On Monday the Euro/Dollar commenced a major recovery, increasing with almost 200 pips. The European currency appreciated from 1.4046 to 1.4244 yesterday, matching the positive Interbank sentiment projection at nearly +9%, closing the day at 1.4155. This morning the pair is moving neutrally and within yesterday's range for now. On the 1 hour chart quotes are testing the upper limit of the downward channel, while on the 3 hour the downward channel has slowed down. Break above the nearest resistance and yesterday's top at 1.4244 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4046, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.3928. Today's focus is Germany ZEW economic expectations index at 9 GMT. Quotes are moving in line with the even 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is negative and declining, MACD is neutral and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.4244 1.4360 1.4478
Technical support levels: 1.4046 1.3928 1.3800

Trading range: 1.4155 - 1.4230
Trend: Upward
Buy at 1.4166 SL 1.4136 TP 1.4216

Yesterday we made +13 pips profit on EUR/USD from the following signal:
5:30 GMT+1 Sell EUR/USD at 1.4094 SL 1.4120 TP 1.4044, exit sent at 6:05 GMT+1.
Total yesterday +96, as shown in details