EUR/USD 1.3859 - 3 March 2011

EUR/USD Open 1.3867 High 1.3891 Low 1.3742 Close 1.3863

On Wednesday the Euro/Dollar resumed rising with around 150 pips. The European currency appreciated from 1.3742 to 1.3891 yesterday, not matching the positive Interbank sentiment projection at just under +3%, closing the day at 1.3863. This morning the pair is trading quietly and within yesterday's range for now. On the 1 hour chart the upward channel has renewed, while on the 3 hour chart the upward channel is making push up attempts. Break above the nearest resistance and yesterday's top at 1.3891 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.3742, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3626. Today's focus is on Germany Retail sales, Italy, France, Germany and EU17 PMI, Italy PPI, EU17 Retail sales, GDP Q4 and ECB meeting announcement and press conference, at 7, 8:45, 8:50, 8:55, 9, 10, 12:45 and 13:30 GMT respectively. Quotes are moving bellow the almost even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is positive and calm, MACD is positive and quiet too, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.3891 1.4000 1.4117
Technical support levels: 1.3742 1.3626 1.3500

Trading range: 1.3845 - 1.3920
Trend: Upward
Buy at 1.3859 SL 1.3829 TP 1.3909

Yesterday we made +45 pips profit on EUR/USD from the following signal:
5:30 GMT Buy Buy EUR/USD at 1.3751 SL 1.3725 TP 1.3801, TP reached at 10:11 GMT.
Total yesterday +136, as shown in details at href=