EUR/USD 1.4800 - 4 May 2011

EUR/USD Open 1.4831 High 1.4890 Low 1.4753 Close 1.4823

On Tuesday the Euro/Dollar continued trading within the almost 140 pip range. The European currency appreciated from 1.4753 to 1.4890 yesterday, matching the positive Interbank sentiment projection at over +2%, closing the day at 1.4823. This morning the pair is trading quietly and within yesterday's range for now. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart the upward channel has slowed down. Break above the nearest resistance and yesterday's top at 1.4890 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4753, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4640. Today's focus is on Italy, France, Germany and EU17 PPI, and EU17 Retail sales, at 7:45, 7:50, 7:55, 8 and 9 GMT respectively. 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 thinly crossed down the 100 line on the 1 hour chart, giving overall neutral to light short signals.
Technical resistance levels: 1.4890 1.5000 1.5114
Technical support levels: 1.4753 1.4640 1.4524

Trading range: 1.4790 - 1.4850
Trend: Upward
Buy at 1.4800 SL 1.4770 TP 1.4840

Yesterday we made +48 pips profit on EUR/USD from the following signal:
5:30 GMT+1 Buy EUR/USD at 1.4794 SL 1.4768 TP 1.4844, exit sent at 6:52 GMT+1.
Total yesterday +137, as shown in details at http://www.zifx.com/performance.php.

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