EUR/USD 1.3605 - 18 February 2011

EUR/USD Open 1.3620 High 1.3627 Low 1.3536 Close 1.3607

On Thursday the Euro/Dollar increased insignificantly with nearly 90 pips. The European currency appreciated from 1.3536 to 1.3627 yesterday, not matching the negative Interbank sentiment projection at almost -6%, closing the day at 1.3607. This morning the Euro is trading quietly and without clear direction for now. On the 1 hour chart quotes are testing the upper limit of the the downward channel, while on the 3 hour chart the upward channel is trying to resume. Break above the nearest resistance and yesterday's top at 1.3627 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3536, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3419. Today's focus is on Germany PPI and France Business confidence at 7 and 7:45 GMT respectively. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and rising, MACD is positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.3627 1.3735 1.3850
Technical support levels: 1.3536 1.3419 1.3300

Trading range: 1.3595 - 1.3655
Trend: Upward
Buy at 1.3605 SL 1.3575 TP 1.3645

Yesterday we made +22 pips profit on EUR/USD from the following signal:
5:30 GMT Buy EUR/USD at 1.3568 SL 1.3542 TP 1.3618, exit sent at 8:05 GMT.
Total yesterday +98, as shown in details at