EUR/USD Technical Analysis 25 February 2010

 @ibtimes on February 25 2010 12:54 AM

EUR/USD 1.3472 - 25 February 2010
EUR/USD Open 1.3543 High 1.3621 Low 1.3451 Close 1.3540

Our preferable scenario for the Euro/Dollar for now is bearish, as strikes in Europe continue, and investors' mood for the fundamental situation in Europe remain negative. On the 3 hour chart the Euro is making strong upward correctional movements, but the main trend remains downwards for now. On Wednesday the Euro decreased from 1.3621 down to 1.3521, closing the day at 1.3540. Immediate support for the pair is this morning's bottom at 1.3451. Break bellow that level will confirm the continuation of the bearish trend, towards next objective 1.3363. First resistance is yesterday's peak at 1.3621. Quotes are moving bellow the 50 and 20 EMA on the 1 hour chart, indicating strong bearish pressure. The value of RSI and CCI indicators are negative and entering the oversold area, while MACD is negative and declining on the 1 hour chart, giving overall descending signals.Technical resistance levels: 1.3621 1.3777 1.3864Technical support levels: 1.3451 1.3363 1.3280

Trading range: 1.3485 - 1.3420Trend: DownwardSell at 1.3472 SL 1.3502 TP 1.3432

Yesterday we made +26 pips profit on EUR/USD from the following signal:5:34 GMT Sell EUR/USD at 1.3540 SL 1.3566 TP 1.3490 exit sent 7:46 GMTTotal yesterday +112, as shown in details at www.zifx.com/performance.php.

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