EUR/USD Technical Analysis 21 April 2011

By @ibtimes on

EUR/USD 1.4564 - 21 April 2011

EUR/USD Open 1.4510 High 1.4582 Low 1.4333 Close 1.4521

On Wednesday the Euro/Dollar continued recovering, ascending strongly with over 200 pips. The European currency appreciated from 1.4333 to 1.4548 yesterday, matching the positive Interbank sentiment projection at nearly +17%, closing the day at 1.4521. This morning the pair extended its gains, rising up to 1.4582. On the 1 hour chart new upward channel is emerging, while on the 3 hour chart the upward channel has resumed. Break above the nearest resistance and today's top at 1.4582 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4333, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4204. Today's focus is on Germany IFO business climate index at 8 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 inclining upwards, MACD is positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.4582 1.4700 1.4814
Technical support levels: 1.4333 1.4204 1.4190

Trading range: 1.4550 - 1.4625
Trend: Upward
Buy at 1.4564 SL 1.4534 TP 1.4614

On Friday we made +50 pips profit on EUR/USD from the following signal:
5:30 GMT+1 Buy EUR/USD at 1.4390 SL 1.4364 TP 1.4440, TP reached at 9:21 GMT+1.
Total yesterday +144, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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