EUR/USD 1.3690 - 26 January 2011

EUR/USD Open 1.3684 High 1.3704 Low 1.3571 Close 1.3680

On Tuesday the Euro/Dollar continued increasing with over 130 pips, after deep downward adjustment. The European currency appreciated from 1.3571 to 1.3704 on yesterday, matching the positive Interbank sentiment projection at nearly +37%, closing the day at 1.3680. This morning trading is tranquil and still within yesterday's range. On the 1 hour chart the upward channel is intact, and on the 3 hour chart the new upward channel also looks good. Break above the nearest resistance and yesterday's top at 1.3704 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3571, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3459. Today's focus is on Germany Import prices, Italy Retail sales, and France Unemployment, at 7, 9 and 17 GMT. 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 declining, MACD is positive and quiet, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.3704 1.3820 1.3931
Technical support levels: 1.3571 1.3459 1.3344

Trading range: 1.3680 - 1.3740
Trend: Upward
Buy at 1.3690 SL 1.3660 TP 1.3730

Yesterday we made +26 pips profit on EUR/USD from the following signal:
3:33 GMT Buy EUR/USD at 1.3662 SL 1.3636 TP 1.3712, exit sent at 7:41 GMT.
Total yesterday +108, as shown in details at