EUR/USD Technical Analysis 23 March 2011

By @ibtimes on

EUR/USD 1.4170 - 23 March 2011

EUR/USD Open 1.4167 High 1.4248 Low 1.4137 Close 1.4197

After insignificant continuation of the bullish trend, on Tuesday the Euro/Dollar adjusted downwards with almost 90 pips. The European currency depreciated from 1.4248 to 1.4161 yesterday, not matching the positive Interbank sentiment projection at almost +14%, closing the day at 1.4197. This morning the pair weakened further down to 1.4137. On the 1 hour chart the upward channel looks good, while on the 3 hour chart the upward channel is also intact. Break above the nearest resistance and yesterday's top at 1.4248 may trigger further strengthening of the Euro. Going bellow Monday's bottom and first support at 1.4137, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4026. Today's focus is on EU17 Industrial orders at 10 GMT. Quotes are moving just bellow the almost even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and declining, MACD is neutral and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.4248 1.4354 1.4470
Technical support levels: 1.4137 1.4026 1.3919

Trading range: 1.4160 - 1.4230
Trend: Upward
Buy at 1.4170 SL 1.4140 TP 1.4220

Yesterday we made +23 pips profit on EUR/USD from the following signal:
5:29 GMT Buy EUR/USD at 1.4222 SL 1.4196 TP 1.4272, exit sent at 8:25 GMT.
Total yesterday +108, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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