EUR/USD Technical Analysis 2 March 2011

By @ibtimes on

EUR/USD 1.3750 - 2 March 2011
EUR/USD Open 1.3765 High 1.3854 Low 1.3742 Close 1.3775

On Tuesday the Euro/Dollar corrected deeply downwards with over 90 pips. The European currency depreciated from 1.3854 to 1.3762 yesterday, not matching the positive Interbank sentiment projection at just under +33%, closing the day at 1.3775. This morning the pair weakened even further down to 1.3742. On the 1 hour chart quotes are testing the lower limit of the upward channel, while on the 3 hour chart the upward channel is still on hold. Break above the nearest resistance and yesterday's top at 1.3854 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.3742, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3626. Today's focus is on EU17 PPI at 10 GMT. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.3854 1.3950 1.4067
Technical support levels: 1.3742 1.3626 1.3500

Trading range: 1.3740 - 1.3810
Trend: Upward
Buy at 1.3750 SL 1.3720 TP 1.3800

Yesterday we made +39 pips profit on EUR/USD from the following signal:
5:35 GMT Buy EUR/USD at 1.3804 SL 1.3778 TP 1.3854, exit sent at 8:56 GMT.
Total yesterday +132, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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