EUR/USD Technical Analysis 2 May 2011

By @ibtimes on

EUR/USD 1.4792 - 2 May 2011

EUR/USD Open 1.4800 High 1.4878 Low 1.4761 Close 1.4802

On Friday the Euro/Dollar traded quietly within 75 pip range. The European currency appreciated from 1.4802 to 1.4878 on Friday, matching the positive Interbank sentiment projection at over +11%, closing the week at 1.4802. This morning the pair started weakening, dropping down to 1.4761. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart the upward channel is intact. Break above the nearest resistance and Friday's top at 1.4878 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.4761, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4652. Today's focus is on Italy, France, Germany and EU17 PMI, at 7:45 and 7:50, 7:55 and 8 GMT respectively. Quotes are moving just bellow the even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and tranquil, MACD is neutral and calm, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.4878 1.5000 1.5114
Technical support levels: 1.4761 1.4652 1.4540

Trading range: 1.4805 - 1.4740
Trend: Downward
Sell at 1.4792 SL 1.4822 TP 1.4752

On Friday we made +34 pips profit on EUR/USD from the following signal:
5:30 GMT+1 Buy EUR/USD at 1.4831 SL 1.4805 TP 1.4881, exit sent at 10:10 GMT+1.
Total on Friday +132, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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