EUR/USD 1.3653 - 3 March 2010

EUR/USD Open 1.3617 High 1.3654 Low 1.3442 Close 1.3612

The upper limit of the descending channel on the 3 hour chart is still holding the Euro/Dollar from breaking up at the 1.3665 resistance on Monday. On Tuesday the currency couple continued depreciating down to 1.3442, as expected, from where it rose up to 1.3654, closing the day at 1.3612.Our expectation are for the descending trend to continue till the fundamental perspective in Europe remains negative. Break bellow the 1.3442 support may open way towards next downward target 1.3353. The nearest resistance is Monday's top at 1.3665. Today at 9:00 GMT is the EU PPI and at 10:00 Retail sales, which may give clearer direction of the currency pair. Quotes are moving above the 50 and 20 EMA on the 1 hour chart, indicating bullish pressure. The values of RSI and MACD indicators are in the overbought zone, while CCI is positive and quiet on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.3665 1.3777 1.3864
Technical support levels: 1.3442 1.3353 1.3260

Yesterday we made +50 pips profit on EUR/USD from the following signal:
5:34 GMT Sell EUR/USD at 1.3539 SL 1.3565 TP 1.3489 TP reached 7:04 GMT
Total yesterday +192, as shown in details at www.zifx.com/performance.php.

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