EUR/USD 1.4857 - 5 May 2011

EUR/USD Open 1.4825 High 1.4942 Low 1.4774 Close 1.4812

On Wednesday the Euro/Dollar resumed increasing with almost 170 pips. The European currency appreciated from 1.4774 to 1.4942 yesterday, matching the positive Interbank sentiment projection at over +3%, closing the day at 1.4812. This morning the pair is showing some strength, but movements are within yesterday's range for now. On the 1 hour chart the upward channel is making renewal attempts, while on the 3 hour chart the upward channel has slowed down. Break above the nearest resistance and yesterday's top at 1.4942 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4774, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4660. Today's focus is on Germany Manufacturing orders, and EU17 ECB meeting announcement and press conference, at 10, 11:45 and 12:30 GMT respectively. Quotes are moving just above the close 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is neutral and quiet, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 1.4942 1.5050 1.5164
Technical support levels: 1.4774 1.4660 1.4533

Trading range: 1.4845 - 1.4920
Trend: Upward
Buy at 1.4857 SL 1.4827 TP 1.4907

Yesterday we made +50 pips profit on EUR/USD from the following signal:
5:28 GMT+1 Buy EUR/USD at 1.4803 SL 1.4777 TP 1.4853, TP reached at 8:23 GMT+1.
Total yesterday +112, as shown in details at