EUR/USD 1.3675 - 21 February 2011

EUR/USD Open 1.3707 High 1.3726 Low 1.3544 Close 1.3681

On Friday the Euro/Dollar increased significantly with nearly 170 pips. The European currency appreciated from 1.3544 to 1.3716 on Friday, not matching the negative Interbank sentiment projection at just under -6%, closing the week at 1.3681. This morning the bulls pushed even further up to 1.3726. On the 1 hour chart range trading has formed, while on the 3 hour chart the upward channel is making renewal efforts. Break above the nearest resistance and today's top at 1.3726 may trigger further strengthening of the Euro. Going bellow Friday's bottom and first support at 1.3544, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3419. Today's focus is on France, Germany and EU17 PMI, and Germany IFO business climate index, at 8, 8:30, and 9 GMT respectively. 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 quiet, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.3726 1.3839 1.3950
Technical support levels: 1.3544 1.3419 1.3300

Trading range: 1.3665 - 1.3725
Trend: Upward
Buy at 1.3675 SL 1.3645 TP 1.3715

On Friday we made +16 pips profit on EUR/USD from the following signal:
8:15 GMT Buy EUR/USD at 1.3578 SL 1.3552 TP 1.3628, exit sent at 9:04 GMT.
Total on Friday +94, as shown in details at http://www.zifx.com/performance.php.

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