EUR/USD 1.3819 - 25 February 2011

EUR/USD Open 1.3819 High 1.3838 Low 1.3703 Close 1.3798

On Thursday the Euro/Dollar continued increasing with around 120 pips, after deep morning correction. The European currency appreciated from 1.3703 to 1.3824 yesterday, matching the positive Interbank sentiment projection at nearly +2%, closing the day at 1.3798. This morning the pair climbed further up, reaching 1.3838. On the 1 hour chart new upward channel has formed, while on the 3 hour chart the upward channel is trying to resume. Break above the nearest resistance and today's top at 1.3838 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3703, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3592. Today's focus is on France Consumer spending, EU17 M3 money supply, and Germany CPI and HICP, at 7:45, 9 and 13 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 calm, MACD is positive and quiet too, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.3838 1.3950 1.4067
Technical support levels: 1.3703 1.3592 1.3477

Trading range: 1.3805 - 1.3870
Trend: Upward
Buy at 1.3819 SL 1.3789 TP 1.3859

Yesterday we made +18 pips profit on EUR/USD from the following signal:
6:22 GMT Buy EUR/USD at 1.3748 SL 1.3722 TP 1.3798, exit sent at 6:34 GMT.
Total yesterday +161, as shown in details at