EUR/USD 1.4795 - 3 May 2011

EUR/USD Open 1.4821 High 1.4902 Low 1.4761 Close 1.4827

On Monday the Euro/Dollar resumed increasing with 140 pip range. The European currency appreciated from 1.4761 to 1.4902 yesterday, matching the positive Interbank sentiment projection at over +11%, correcting downwards in the afternoon, and closing the day at 1.4827. This morning the pair is trading quietly and at the lower site of yesterday's range. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart the upward channel looks fine. Break above the nearest resistance and yesterday's top at 1.4902 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4761, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4652. Today's focus is on EU17 PPI at 9 GMT. Quotes are moving just bellow the even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and declining, MACD is neutral and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral to light short signals.
Technical resistance levels: 1.4902 1.5000 1.5114
Technical support levels: 1.4761 1.4652 1.4540

Trading range: 1.4785 - 1.4855
Trend: Upward
Buy at 1.4795 SL 1.4765 TP 1.4845

Yesterday we made +25 pips profit on EUR/USD from the following signal:
5:30 GMT+1 Sell EUR/USD at 1.4794 SL 1.4820 TP 1.4744, exit sent at 5:35 GMT+1.
Total yesterday +93, as shown in details at