EUR/USD Technical Analysis 23 February 2011

By @ibtimes on

EUR/USD 1.3688 - 23 February 2011
EUR/USD Open 1.3671 High 1.3713 Low 1.3524 Close 1.3648

On Tuesday the Euro/Dollar dropped sharply with around 170 pips on the continuing crises in the Middle East as buying of the Dollar increased, but later in the day recoverred back up. The European currency depreciated from 1.3684 to 1.3524 yesterday, than clumbed up to 1.3704, matching the neutral Interbank sentiment projection at just under +2%, closing the day at 1.3648. This morning the bulls pushed even further up to 1.3713. 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 today's top at 1.3713 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3524, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3410. Today's focus is on France and Italy CPI and HICP, and EU17 Industrial orders, at 6:30 and 10 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 neutral and declining, 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: 1.3713 1.3828 1.3944
Technical support levels: 1.3524 1.3410 1.3300

Trading range: 1.3675 - 1.3740
Trend: Upward
Buy at 1.3688 SL 1.3658 TP 1.3728

Yesterday we made +50 pips profit on EUR/USD from the following signal:
5:30 GMT Sell EUR/USD at 1.3590 SL 1.3616 TP 1.3540, TP reached at 7:34 GMT.
Total yesterday +140, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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