EUR/USD 1.3450 - 21 January 2011

EUR/USD Open 1.3462 High 1.3523 Low 1.3395 Close 1.3467

On Thursday the Euro/Dollar traded within 130 pip range. The European currency depreciated from 1.3523 to 1.3395 yesterday, not matching the positive Interbank sentiment projection at nearly +32%, closing the day at 1.3467. This morning trading is hesitant and within yesterday's range for now. On the 1 hour chart the upward channel has slowed down, while on the 3 hour chart trading is within wide range. Break above the nearest resistance and yesterday's top at 1.3523 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3395, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3280. Today's focus is on Germany IFO business climate index at 9 GMT. Quotes are moving in line with the even the 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is positive and inclining upwards, MACD is thinly positive and quiet, while CCI is about to cross down the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.3523 1.3634 1.3750
Technical support levels: 1.3395 1.3280 1.3171

Trading range: 1.3495 - 1.3435
Trend: Downward
Sell at 1.3485 SL 1.3515 TP 1.3445

Yesterday we made +40 pips profit on EUR/USD from the following signal:
5:36 GMT Buy Buy EUR/USD at 1.3448 SL 1.3422 TP 1.3498, exit sent at 6:28 GMT.
Total yesterday +141, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com