EUR/USD 1.4375 - 31 May 2011

EUR/USD Open 1.4316 High 1.4406 Low 1.4256 Close 1.4281

On Monday the Euro/Dollar resumed increasing with 85 pips. The European currency appreciated from 1.4256 to 1.4342 yesterday, matching the positive Interbank sentiment projection at above +20%, closing the day at 1.4281. This morning the pair ascended even further, climbing up to 1.4406. On the 1 hour chart quotes are testing the upper limit of the wide trading range, while on the 3 hour chart trading is in the middle of another wide range for now. Break above the nearest resistance and today's top at 1.4406 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4256, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.4140. Today's focus is on Germany Retail sales, France PPI and Consumer spending, Germany Unemployment, Italy CPI and HICP, EU17 Harmonized CPI and Unemployment, and Italy PPI, at 6, 6:45, 7:55, 9 and 10 GMT respectively. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.4406 1.4520 1.4636
Technical support levels: 1.4256 1.4140 1.4018

Trading range: 1.4365 - 1.4435
Trend: Upward
Buy at 1.4375 SL 1.4345 TP 1.4425

Yesterday we made +27 pips profit on EUR/USD from the following signal:
5:32 GMT+1 Buy EUR/USD at 1.4267 SL 1.4241 TP 1.4317, exit sent at 9:30 GMT+1.
Total yesterday +76, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com