EUR/USD 1.4176 - 25 March 2011

EUR/USD Open 1.4168 High 1.4220 Low 1.4052 Close 1.4171

On Thursday the Euro/Dollar increased on EU decision for Lisbon bail out with almost 170 pips. The European currency appreciated from 1.4052 to 1.4220 yesterday, matching the positive Interbank sentiment projection at above +9%, closing the day at 1.4171. This morning the pair is trading quietly and at the upper side of yesterday's range. On the 1 hour chart the upward channel is making renewal attempts, while on the 3 hour chart the upward channel looks good. Break above the nearest resistance and yesterday's top at 1.4220 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4052, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3936. Today's focus is on France GDP Q4, Italy Retail sales, Germany IFO business climate index and EU17 M3 money supply, at 6:30 and 9 GMT respectively. Quotes are moving in line with the 20 and above the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is negative and calm, MACD is positive and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.4220 1.4333 1.4449
Technical support levels: 1.4052 1.3936 1.3819

Trading range: 1.4190 - 1.4115
Trend: Downward
Sell at 1.4176 SL 1.4206 TP 1.4126

Yesterday we made +35 pips profit on EUR/USD from the following signal:
5:31 GMT Sell EUR/USD at 1.4088 SL 1.4114 TP 1.4038, exit sent at 7:37 GMT.
Total yesterday +132, as shown in details at