EUR/USD Technical Analysis 5 April 2011

By @ibtimes on

EUR/USD 1.4187 - 5 April 2011

EUR/USD Open 1.4217 High 1.4269 Low 1.4184 Close 1.4219

On Monday the Euro/Dollar traded with a slight decrease, declining with nearly 80 pips. The European currency depreciated from 1.4269 to 1.4192 yesterday, not matching the positive Interbank sentiment projection at over +10%, closing the day at 1.4219. This morning the pair descended further down, reaching 1.4184. On the 1 hour chart the upward channel is trying to resume, while on the 3 hour chart the upward channel seems good. Break above the nearest resistance and yesterday's top at 1.4269 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.4184, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4060. Today's focus is on Italy, France, Germany and EU17 PMI, and Retail sales, at 7:45, 7:50, 7:55, 8 and 9 GMT respectively. Quotes are moving bellow the 20 and in line with the 50 EMA on the 1 hour chart, indicating short term bearish and medium term neutral pressure. The value of the RSI indicator is negative and inclining upwards, MACD is neutral and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral to light short signals.
Technical resistance levels: 1.4269 1.4380 1.4500
Technical support levels: 1.4184 1.4060 1.4146

Trading range: 1.4175 - 1.4250
Trend: Upward
Buy at 1.4187 SL 1.4157 TP 1.4237

Yesterday we made +22 pips profit on EUR/USD from the following signal:
5:30 GMT+1 Buy EUR/USD at 1.4220 SL 1.4194 TP 1.4270, exit sent at 7:28 GMT+1.
Total yesterday +64, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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