EUR/USD Technical Analysis 26 February 2010

Along with other economic events, today UK and US GDP Q4 will be released at 9:30 and 13:30 GMT, which may bring volatility to the market. After couple of strong upward adjustments, Euro/Dollar continued decreasing this week, as situation Europe remains unsolved, and risk aversion increases. On the 3 hour chart the Euro is adjusting strongly upwards, but the bearish channel remains intact. Yesterday the Euro decreased down to 1.3455, from where it started correcting, closing the day at 1.3547. The nearest support is this yesterday's bottom at 1.3455. Break bellow that level may lead to stronger bearish momentum towards 1.3363. Immediate resistance is Wednesday's peak at 1.3621. Quotes are moving above the 50 and 20 EMA on the 1 hour chart, indicating bullish pressure. The value of RSI indicator is positive and declining, MACD is positive and climbing, while CCI is in the overbought zone and declining on the 1 hour chart, giving overall mixed signals.Technical resistance levels: 1.3621 1.3777 1.3864Technical support levels: 1.3455 1.3363 1.3280

Trading range: 1.3615 - 1.3550Trend: DownwardSell at 1.3601 SL 1.3631 TP 1.3561

Yesterday we made +26 pips profit on EUR/USD from the following signal:8:12 GMT Sell EUR/USD at 1.3497 SL 1.3523 TP 1.3447 exit sent 9:18 GMTTotal yesterday +173, as shown in details at www.zifx.com/performance.php.