EUR/USD 1.3955 - 4 March 2011

EUR/USD Open 1.3955 High 1.3976 Low 1.3832 Close 1.3965

On Thursday the Euro/Dollar continued climbing with over 140 pips. The European currency appreciated from 1.3832 to 1.3976 yesterday, matching the positive Interbank sentiment projection at over +8%, closing the day at 1.3965. This morning the pair is trading quietly and at the upper side of yesterday's range for now. On the 1 hour chart the upward channel has renewed, and on the 3 hour chart the upward channel has also resumed. Break above the nearest resistance and yesterday's top at 1.3976 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3832, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3719. There are no major economic events for EU today. 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 quiet too, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.3976 1.4090 1.4200
Technical support levels: 1.3832 1.3719 1.3600

Trading range: 1.3945 - 1.4014
Trend: Upward
Buy at 1.3955 SL 1.3925 TP 1.4005

Yesterday we made +21 pips profit on EUR/USD from the following signal:
5:31 GMT Buy EUR/USD at 1.3855 SL 1.3829 TP 1.3905, exit sent at 7:08 GMT.
Total yesterday +91, as shown in details at