EUR/USD Technical Analysis 29 April 2011

By @ibtimes on

EUR/USD 1.4827 - 29 April 2011

EUR/USD Open 1.4841 High 1.4882 Low 1.4770 Close 1.4821

On Thursday the Euro/Dollar traded quietly within 110 pip range. The European currency depreciated from 1.4882 to 1.4770 yesterday, not matching the positive Interbank sentiment projection at over +13%, closing the day at 1.4821. This morning the pair is still moving neutrally, and within yesterday's range for now. On the 1 hour chart the new upward channel has slowed down, while on the 3 hour chart the upward channel still looks good. Break above the nearest resistance and yesterday's top at 1.4882 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4770, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4657. Today's focus is on France PPI, Germany Import prices, Italy PPI and HICP, EU17 Harmonized CPI, Unemployment, Economic sentiment index, Business climate indicator and M3 money supply, at 6:45 and 7, 8 and 9 GMT respectively. Quotes are moving thinly above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is neutral and tranquil, MACD is positive and calm, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.4882 1.5000 1.5114
Technical support levels: 1.4770 1.4657 1.4540

Trading range: 1.4815 - 1.4890
Trend: Upward
Buy at 1.4827 SL 1.4797 TP 1.4877

Yesterday we made +22 pips profit on EUR/USD from the following signal:
7:14 GMT+1 Buy EUR/USD at 1.4835 SL 1.4809 TP 1.4885, exit sent at 8:19 GMT+1.
Total yesterday +97, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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