EUR/USD 1.4290 - 19 May 2011

EUR/USD Open 1.4253 High 1.4307 Low 1.4194 Close 1.4245

On Wednesday the Euro/Dollar traded quietly within 90 pip range. The European currency depreciated from 1.4287 to 1.4194 yesterday, not matching the positive Interbank sentiment projection at nearly +9%, closing the day at 1.4245. This morning the pair resumed recovering, climbing up to 1.4307. 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 1.4307 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4194, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.4080. There are no major economic events for EU today. 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 declining, MACD is positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.4307 1.4420 1.4538
Technical support levels: 1.4194 1.4080 1.3966

Trading range: 1.4280 - 1.4350
Trend: Upward
Buy at 1.4290 SL 1.4260 TP 1.4340

Yesterday we made +33 pips profit on EUR/USD from the following signal:
7:33 GMT+1 Buy EUR/USD at 1.4249 SL 1.4223 TP 1.4299, exit sent at 8:11 GMT+1.
Total yesterday +94, as shown in details at