EUR/USD 1.4361 - 2 June 2011

EUR/USD Open 1.4345 High 1.4459 Low 1.4306 Close 1.4325

On Wednesday the Euro/Dollar adjusted downwards with 150 pips. The European currency depreciated from 1.4459 to 1.4306 yesterday, not matching the positive Interbank sentiment projection at almost +16%, closing the day at 1.4325. This morning the pair is trading quietly, and within yesterday's range for now. On the 1 hour chart quotes are testing the lower limit of the upward channel, while on the 3 hour chart trading is in the middle of a wide range. Break above the nearest resistance and yesterday's top at 1.4459 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4306, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.4200. There are no major economic events for EU today. Quotes are moving just bellow the almost even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and hesitant, MACD is negative and tranquil, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.4459 1.4570 1.4684
Technical support levels: 1.4306 1.4200 1.4077

Trading range: 1.4350 - 1.4425
Trend: Upward
Buy at 1.4361 SL 1.4331 TP 1.4411

Yesterday we made +20 pips profit on EUR/USD from the following signal:
5:30 GMT+1 Buy EUR/USD at 1.4424 SL 1.4398 TP 1.4474, exit sent at 6:53 GMT+1.
Total yesterday +102, as shown in details at