EUR/USD 1.4082 - 29 March 2011

EUR/USD Open 1.4074 High 1.4115 Low 1.4017 Close 1.4083

On Monday the Euro/Dollar recovered slightly on ECB rate hike discussion, with 100 pips. The European currency appreciated from 1.4017 to 1.4115 yesterday, matching the positive Interbank sentiment projection at above +8%, closing the day at 1.4083. This morning the pair is trading quietly and within yesterday's range for now. On the 1 hour chart the upward channel is making renewal efforts, while on the 3 hour chart quotes are testing the lower limit of the upward channel. Break above the nearest resistance and yesterday's top at 1.4115 may trigger further strengthening of the Euro. Going bellow yesterday'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 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 neutral and tranquil, while CCI has crossed up the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.4115 1.4229 1.4350
Technical support levels: 1.4017 1.3900 1.3783

Trading range: 1.4070 - 1.4135
Trend: Upward
Buy at 1.4082 SL 1.4052 TP 1.4122

Yesterday we made +21 pips profit on EUR/USD from the following signal:
5:43 GMT Sell EUR/USD at 1.4057 SL 1.4083 TP 1.4007, exit sent at 8:13 GMT.
Total yesterday +120, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com