EUR/USD 1.3591 - 22 February 2011

EUR/USD Open 1.3707 High 1.3721 Low 1.3562 Close 1.3677

On Monday the Euro/Dollar commenced downward adjustment with around 70 pips. The European currency depreciated from 1.3721 to 1.3647 yesterday, matching the negative Interbank sentiment projection at just under -8%, closing the day at 1.3677. This morning the bears pulled even further down to 1.3562. On the 1 hour chart range trading has formed, while on the 3 hour chart the upward channel is on hold. Break above the nearest resistance and yesterday's top at 1.3721 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.3562, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3448. There are no major economic events for EU today. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and dropping, MACD is negative and declining too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.3721 1.3839 1.3950
Technical support levels: 1.3562 1.3448 1.3323

Trading range: 1.3605 - 1.3540
Trend: Downward
Sell at 1.3591 SL 1.3621 TP 1.3551

Yesterday we made +44 pips profit on EUR/USD from the following signal:
6:11 GMT Buy EUR/USD at 1.3666 SL 1.3640 TP 1.3716, exit sent at 9:01 GMT.
Total yesterday +101, as shown in details at