EUR/USD 1.3645 - 25 January 2011

EUR/USD Open 1.3642 High 1.3686 Low 1.3535 Close 1.3637

On Monday the Euro/Dollar continued increasing with around 150 pips, after initial, but not unexpected drop. The European currency appreciated from 1.3535 to 1.3686 on yesterday, matching the positive Interbank sentiment projection at nearly +37%, closing the day at 1.3637. This morning trading is hesitant and within yesterday's range for the time being. On the 1 hour chart the upward channel is intact, while on the 3 hour chart the new upward channel also looks good. Break above the nearest resistance and yesterday's top at 1.3686 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3535, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3420. Today's focus is on France Consumer spending at 7:45 GMT. 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 negative and declining, MACD is positive and quiet, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 1.3686 1.3800 1.3911
Technical support levels: 1.3535 1.3420 1.3325

Trading range: 1.3635 - 1.3695
Trend: Upward
Buy at 1.3645 SL 1.3615 TP 1.3685

Yesterday we made +50 pips profit on EUR/USD from the following signal:
6:36 GMT Buy Sell EUR/USD at 1.3612 SL 1.3638 TP 1.3562, exit sent at 8:34 GMT.
Total yesterday +135, as shown in details at