EUR/USD 1.3705 - 28 January 2011

EUR/USD Open 1.3721 High 1.3758 Low 1.3636 Close 1.3731

On Thursday the Euro/Dollar traded within a 120 pip range, continuing the small angle climb from the beginning of the week. The European currency appreciated from 1.3636 to 1.3758 yesterday, matching the positive Interbank sentiment projection at over +38%, closing the day at 1.3731. This morning trading is tranquil and within yesterday's range for now. On the 1 hour chart the upward channel is intact, and on the 3 hour chart the upward channel also looks good. Break above the nearest resistance and yesterday's top at 1.3758 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3636, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3525. Today's focus is on Italy Consumer confidence and EU16 M3 money supply, at 8:30 and 9 GMT respectively. Quotes are moving just above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is negative and calm, MACD is positive and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.3758 1.3873 1.4000
Technical support levels: 1.3636 1.3525 1.3400

Trading range: 1.3695 - 1.3755
Trend: Upward
Buy at 1.3705 SL 1.3675 TP 1.3745

Yesterday we made +39 pips profit on EUR/USD from the following signal:
7:53 GMT Sell EUR/USD at 1.3675 SL 1.3701 TP 1.3625, exit sent at 8:13 GMT.
Total yesterday +131, as shown in details at http://www.zifx.com/performance.php.

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