EUR/USD 1.4388 - 20 April 2011

EUR/USD Open 1.4336 High 1.4413 Low 1.4204 Close 1.4333

On Tuesday the Euro/Dollar commenced a major recovery, climbing with around 150 pips. The European currency appreciated from 1.4204 to 1.4353 yesterday, matching the positive Interbank sentiment projection at over +12%, closing the day at 1.4333. This morning the pair extended its gains, rising up to 1.4413. On the 1 hour chart range trading is forming, while on the 3 hour chart the upward channel is making reneal attempts. Break above the nearest resistance and today's top at 1.4413 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4204, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4190. Today's focus is on Germany PPI at 6 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and declining, MACD is positive and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.4413 1.4540 1.4656
Technical support levels: 1.4204 1.4190 1.3971

Trading range: 1.4375 - 1.4440
Trend: Upward
Buy at 1.4388 SL 1.4358 TP 1.4428

On Friday we made +20 pips profit on EUR/USD from the following signal:
5:30 GMT+1 Sell EUR/USD at 1.4225 SL 1.4251 TP 1.4175, exit sent at 7:14 GMT+1.
Total yesterday +76, as shown in details at