EUR/USD 1.4058 - 28 March 2011

EUR/USD Open 1.4023 High 1.4194 Low 1.4017 Close 1.4083

On Friday the Euro/Dollar decreased on strong US economic data, with almost 140 pips. The European currency depreciated from 1.4194 to 1.4054 on Friday, not matching the positive Interbank sentiment projection at almost +9%, closing the week at 1.4083. This morning the pair weakened further, dropping down to 1.4017. On the 1 hour chart the upward channel was broken downwards, while on the 3 hour chart quotes are testing the lower limit of the upward. Break above the nearest resistance and Friday's top at 1.4194 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.4017, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3900. There are no major economic events for EU today. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.4194 1.4310 1.4442
Technical support levels: 1.4017 1.3900 1.3783

Trading range: 1.4070 - 1.3995
Trend: Downward
Sell at 1.4058 SL 1.4088 TP 1.4008

On Friday we made +27 pips profit on EUR/USD from the following signal:
5:30 GMT Sell EUR/USD at 1.4170 SL 1.4196 TP 1.4120, exit sent at 8:52 GMT.
Total on Friday +140, as shown in details