EUR/USD Technical Analysis 2 February 2010

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EUR/USD 1.3933 - 2 February 2010
EUR/USD Open 1.3920 High 1.3936 Low 1.3854 Close 1.3931

Euro/Dollar corrected upwards at the beginning of this week. The currency couple climbed to 1.3920 on Monday, where the upward correction was limited, and the currency couple closed the day at 1.3931. Our expectations are for the bearish trend to continue. If the nearest support and yesterday's bottom at 1.3854 is penetrated, we may see further decreasing impulse towards next objective 1.3730. Quotes are crossing with the 20 and 50 EMA, giving mixed signals. Overbought and leaning downwards values of the MACD and CCI signal for weak Euro. RSI indicator is rising, getting close to the overbought zone, insignificantly supporting the Euro. Overall, technical indicators give mixed picture with bearish decline.
Technical resistance levels: 1.3936 1.4038 1.4189
Technical support levels: 1.3854 1.3766 1.3670

Trading range: 1.3945 - 1.3880
Trend: Downward
Sell at 1.3933 SL 1.3963 TP 1.3893

Yesterday we made +24 pips profit on EUR/USD from the following signal:
7:26 GMT Sell EUR/USD at 1.3900 SL 1.3926 TP 1.3850 exit sent 8:02 GMT
Total yesterday +117, as shown in details at www.zifx.com/performance.php.

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