EUR/USD 1.4384 - 18 April 2011

EUR/USD Open 1.4411 High 1.4503 Low 1.4348 Close 1.4425

On Friday the Euro/Dollar decreased with 110 pips. The European currency depreciated from 1.4503 to 1.4390 on Friday, not matching the positive Interbank sentiment projection at nearly +11%, closing the week at 1.4425. This morning the pair weakened even further, dropping down to 1.4348. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart quotes are testing the lower limit of the upward channel. Break above the nearest resistance and Friday's top at 1.4503 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.4348, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4240. Today's focus is on EU17 Consumer Confidence at 14 GMT. 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 inclining upwards, MACD is negative and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.4503 1.4620 1.4734
Technical support levels: 1.4348 1.4240 1.4127

Trading range: 1.4395 - 1.4330
Trend: Downward
Sell at 1.4384 SL 1.4414 TP 1.4344

On Friday we made +32 pips profit on EUR/USD from the following signal:
5:30 GMT+1 Buy EUR/USD at 1.4468 SL 1.4442 TP 1.4518, exit sent at 8:21 GMT+1.
Total on Friday +129, as shown in details at http://www.zifx.com/performance.php.

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