EUR/USD 1.4227 - 19 April 2011

EUR/USD Open 1.4219 High 1.4428 Low 1.4155 Close 1.4231

On Monday the Euro/Dollar decreased sharply with over 270 pips. The European currency depreciated from 1.4428 to 1.4155 yesterday, not matching the positive Interbank sentiment projection at nearly +10%, closing the day at 1.4231. This morning the pair is trading quietly and at the lower end of yesterday's range. On the 1 hour chart new downward channel is emerging, while on the 3 hour chart quotes are testing the lower limit of the upward channel. Break above the nearest resistance and yesterday's top at 1.4428 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4155, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4038. Today's focus is on France, Germany and EU17 PMI, and EU17 Current account, at 7, 7:30 and 8 GMT respectively. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is neutral and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.4428 1.4540 1.4656
Technical support levels: 1.4155 1.4038 1.3920

Trading range: 1.4240 - 1.4175
Trend: Downward
Sell at 1.4227 SL 1.4257 TP 1.4177

On Friday we made +50 pips profit on EUR/USD from the following signal:
8:05 GMT+1 Sell EUR/USD at 1.4367 SL 1.4393 TP 1.4317, TP reached at 8:31 GMT+1.
Total yesterday +121, as shown in details at