EUR/USD 1.4242 - 27 May 2011

EUR/USD Open 1.4129 High 1.4279 Low 1.4067 Close 1.4142

On Thursday the Euro/Dollar continued recovering with 140 pip range. The European currency appreciated from 1.4067 to 1.4207 yesterday, matching the positive Interbank sentiment projection at over +17%, closing the day at 1.4142. This morning the pair rose even further, climbing up to 1.4279. On the 1 hour chart quotes are testing the upper limit of the downward channel, while on the 3 hour chart trading remains within the wide range for the time being. Break above the nearest resistance and today's top at 1.4279 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4067, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.3950. Today's focus is on EU17 M3 money supply and Economic sentiment index, and Germany CPI and HICP, at 8, 9 and 12 GMT respectively. Quotes are moving way above the 20 and 50 EMA on the 1 hour chart, indicating strong bullish pressure. The value of the RSI indicator is positive and rising, MACD is positive and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.4279 1.4400 1.4532
Technical support levels: 1.4067 1.3950 1.3828

Trading range: 1.4230 - 1.4305
Trend: Upward
Buy at 1.4242 SL 1.4212 TP 1.4292

Yesterday we made +48 pips profit on EUR/USD from the following signal:
5:29 GMT+1 Buy EUR/USD at 1.4148 SL 1.4122 TP 1.4198, exit sent at 8:19 GMT+1.
Total yesterday +106, as shown in details at