EUR/USD Technical Analysis 20 May 2011

By @ibtimes on

EUR/USD 1.4315 - 20 May 2011

EUR/USD Open 1.4313 High 1.4338 Low 1.4205 Close 1.4306

On Thursday the Euro/Dollar continued trading within wider 120 pip range. The European currency appreciated from 1.4205 to 1.4325 yesterday, matching the positive Interbank sentiment projection at nearly +9%, closing the day at 1.4306. This morning the pair resumed recovering, climbing up to 1.4338. On the 1 hour chart the downward channel is on hold, while on the 3 hour range trading has formed. Break above the nearest resistance and today's top at 1.4338 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4205, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.4100. Today's focus is on Germany PPI and EU17 Current account, at 6 and 8 GMT respectively. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and hesitant, MACD is positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.4338 1.4450 1.4563
Technical support levels: 1.4205 1.4100 1.3986

Trading range: 1.4325 - 1.4255
Trend: Downward
Sell at 1.4315 SL 1.4345 TP 1.4265

Yesterday we made +14 pips profit on EUR/USD from the following signal:
6:39 GMT+1 Buy EUR/USD at 1.4264 SL 1.4238 TP 1.4314, exit sent at 7:40 GMT+1.
Total yesterday +49, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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