EUR/USD 1.4139 - 31 March 2011

EUR/USD Open 1.4119 High 1.4147 Low 1.4051 Close 1.4126

On Wednesday the Euro/Dollar decreased slightly in the morning, later recovered, climbing with nearly 100 pips. The European currency appreciated from 1.4051 to 1.4147 yesterday, matching the positive Interbank sentiment projection at above +7%, closing the day at 1.4126. This morning the pair is making further rising efforts, but yesterday's top is still holding the push up. On the 1 hour chart the upward channel is trying to resume, 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 1.4147 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4051, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3929. Today's focus is on France GDP and PPI, Germany Unemployment, Italy PPI, CPI and HICP, and EU17 Harmonized CPI, at 5:30, 6:45, 7:55, 8 and 9 GMT respectively. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and tranquil too, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.4147 1.4264 1.4380
Technical support levels: 1.4051 1.3929 1.3800

Trading range: 1.4125 - 1.4190
Trend: Upward
Buy at 1.4139 SL 1.4109 TP 1.4179

Yesterday we made +31 pips profit on EUR/USD from the following signal:
5:32 GMT Sell EUR/USD at 1.4089 SL 1.4115 TP 1.4039, exit sent at 7:57 GMT.
Total yesterday +106, as shown in details at http://www.zifx.com/performance.php.

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