EUR/USD 1.3773 - 24 February 2011

EUR/USD Open 1.3755 High 1.3786 Low 1.3671 Close 1.3747

On Wednesday the Euro/Dollar resumed increasing with around 115 pips. The European currency appreciated from 1.3671 to 1.3786 yesterday, matching the positive Interbank sentiment projection at nearly +4%, closing the day at 1.3747. This morning the pair is making further climbing attempts, but is moving still within yesterday's range for now. On the 1 hour chart new upward channel is forming, while on the 3 hour chart the upward channel is trying to renew. Break above the nearest resistance and yesterday's top at 1.3786 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3671, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3560. Today's focus is on Germany GDP Q4, Italy Retail sales, Consumer and Business confidence, and EU17 Economic sentiment and Business climate indicator, at 7, 9 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 positive 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: 1.3786 1.3900 1.4020
Technical support levels: 1.3671 1.3560 1.3438

Trading range: 1.3760 - 1.3825
Trend: Upward
Buy at 1.3773 SL 1.3743 TP 1.3813

Yesterday we made +43 pips profit on EUR/USD from the following signal:
5:29 GMT Buy EUR/USD at 1.3686 SL 1.3660 TP 1.3736, exit sent at 6:56 GMT.
Total yesterday +134, as shown in details at http://www.zifx.com/performance.php.

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