EUR/USD 1.4066 - 24 May 2011

EUR/USD Open 1.4033 High 1.4150 Low 1.3968 Close 1.4044

On Monday the Euro/Dollar continued plummeting with 180 pips, as the crises in EU deepened. The European currency depreciated from 1.4150 to 1.3968 yesterday, not matching the positive Interbank sentiment projection at nearly +6%, closing the day at 1.4044. This morning the pair is slightly correcting, but movements are within yesterday's range for now. On the 1 hour chart the downward channel has renewed, while on the 3 hour quotes broke down of the wide trading range. Break above the nearest resistance and yesterday's top at 1.4150 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3968, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.3855. Today's focus is on Germany GDP, France Business confidence, Germany IFO business climate index, and EU17 Industrial orders, at 6, 6:45, 8 and 9 GMT respectively. Quotes are moving way above the 20 and bellow 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and calm, MACD is negative and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.4150 1.4266 1.4380
Technical support levels: 1.3968 1.3855 1.3739

Trading range: 1.4080 - 1.4005
Trend: Downward
Sell at 1.4066 SL 1.4096 TP 1.4016

Yesterday we made +50 pips profit on EUR/USD from the following signal:
5:28 GMT+1 Sell EUR/USD at 1.4071 SL 1.4097 TP 1.4021, TP reached at 8:30 GMT+1.
Total yesterday +165, as shown in details at http://www.zifx.com/performance.php.

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