EUR/USD 1.4270 - 18 May 2011

EUR/USD Open 1.4266 High 1.4287 Low 1.4119 Close 1.4234

On Tuesday the Euro/Dollar continued recovering, increasing with 150 pips. The European currency appreciated from 1.4119 to 1.4273 yesterday, matching the positive Interbank sentiment projection at nearly +11%, closing the day at 1.4234. This morning the pair rose even further, climbing up to 1.4287. On the 1 hour chart the downward channel is on hold, while on the 3 hour range trading is emerging. Break above the nearest resistance and today's top at 1.4287 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4119, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.4000. There are no major economic events for EU today. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and quiet too, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.4287 1.4400 1.4521
Technical support levels: 1.4119 1.4000 1.3887

Trading range: 1.4260 - 1.4330
Trend: Upward
Buy at 1.4270 SL 1.4240 TP 1.4320

Yesterday we made +29 pips profit on EUR/USD from the following signal:
5:31 GMT+1 Buy EUR/USD at 1.4164 SL 1.4138 TP 1.4214, exit sent at 7:27 GMT+1.
Total yesterday +148, as shown in details at