EUR/USD 1.4090 - 24 March 2011

EUR/USD Open 1.4103 High 1.4214 Low 1.4070 Close 1.4095

On Wednesday the Euro/Dollar continued weakening insignificantly with around 40 pips. The European currency depreciated from 1.4214 to 1.4076 yesterday, not matching the positive Interbank sentiment projection at above +12%, closing the day at 1.4095. This morning the pair weakened further down to 1.4070. On the 1 hour chart quotes are testing the lower limit of the upward channel, while on the 3 hour chart the upward channel looks good. Break above the nearest resistance and yesterday's top at 1.4214 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.4070, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3957. Today's focus is on France Business confidence, France, Germany and EU17 PMI, and Italy Consumer confidence, at 7:45, 8, 8:30 and 9 GMT respectively. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and tranquil too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.4214 1.4322 1.4440
Technical support levels: 1.4070 1.3957 1.3839

Trading range: 1.4100 - 1.4040
Trend: Downward
Sell at 1.4090 SL 1.4120 TP 1.4050

Yesterday we made +5 pips profit on EUR/USD from the following signal:
5:30 GMT Buy EUR/USD at 1.4176 SL 1.4150 TP 1.4226, exit sent at 7:10 GMT.
Total yesterday +99, as shown in details at