EUR/USD 1.4089 - 30 March 2011

EUR/USD Open 1.4109 High 1.4149 Low 1.4046 Close 1.4111

After a slight recovery continuation, on Tuesday the Euro/Dollar decreased insignificantly with around 100 pips. The European currency depreciated from 1.4149 to 1.4046 yesterday, not matching the positive Interbank sentiment projection at nearly +9%, closing the day at 1.4111. This morning the pair is trading hesitantly 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 1.4149 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4046, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3929. Today's focus is on EU17 Economic sentiment index and Business climate indicator, both at 9 GMT. Quotes are moving just 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 neutral and tranquil, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.4149 1.4264 1.4380
Technical support levels: 1.4046 1.3929 1.3800

Trading range: 1.4100 - 1.4035
Trend: Downward
Sell at 1.4089 SL 1.4119 TP 1.4049

Yesterday we made +32 pips profit on EUR/USD from the following signal:
6:45 GMT Buy EUR/USD at 1.4113 SL 1.4087 TP 1.4163, exit sent at 8:20 GMT.
Total yesterday +62, as shown in details