EUR/USD Technical Analysis 24 January 2011

By @ibtimes on

EUR/USD 1.3590 - 24 January 2011
EUR/USD Open 1.3616 High 1.3648 Low 1.3448 Close 1.3612

On Friday the Euro/Dollar continued increasing with around 180 pips. The European currency appreciated from 1.3448 to 1.3630 on Friday, matching the positive Interbank sentiment projection at nearly +40%, closing the week at 1.3612. This morning bulls pushed the pair even further up to 1.3648. On the 1 hour chart the upward channel is intact, while on the 3 hour chart the range was broken upwards. Break above the nearest resistance and today's top at 1.3648 may trigger further strengthening of the Euro. Going bellow Friday's bottom and first support at 1.3448, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3340. Today's focus is on France, Germany and EU16 PMI, and EU16 Industrial production, at 8, 8:30, 9 and 10 GMT respectively. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and quiet too, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.3648 1.3760 1.3882
Technical support levels: 1.3448 1.3340 1.3227

Trading range: 1.3580 - 1.3640
Trend: Upward
Buy at 1.3590 SL 1.3560 TP 1.3630

On Friday we made +50 pips profit on EUR/USD from the following signal:
5:32 GMT Buy Buy EUR/USD at 1.3482 SL 1.3456 TP 1.3532, TP reached at 8:01 GMT.
Total on Friday +158, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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