EUR/USD Technical Analysis 2 March 2009

 @ibtimes
on March 02 2009 1:17 AM

EUR/USD 1.2596 - 2 March

EUR/USD Open 1.2594 High 1.2743 Low 1.2548 Close 1.2668

On Friday Euro/Dollar did not make significant movement. On the 1 hour chart there is a symmetrical triangle, which indicates consolidation phase. Currently signals are neutral. Immediate support is 1.2545. Break below this level may cause further descending towards 1.2410. First resistance is yesterday's top 1.2805. Closure over the Tuesday's top will be needed to confirm that a short term bottom is formed. The CCI indicator is down towards the 100 line of the 1 hour chart, assuming potential descending pressure.

Technical resistance levels: 1.2800 1.2910 1.3000

Technical support levels: 1.2545 1.2410 1.2300

Trading range: 1.2610 - 1.2545

Trend: Downward

Sell at 1.2596 SL 1.2626 TP 1.2556

On Friday we made +41 pips profit on EUR/USD from the following signal:

5:46 GMT Sell EUR/USD at 1.2733 SL 1.2759 TP 1.2683 exited at 7:26 GMT

Total on Friday +159, as shown at www.zifx.com/performance.php

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