EUR/USD 1.4255 - 6 April 2011

EUR/USD Open 1.4217 High 1.4266 Low 1.4151 Close 1.4220

On Tuesday the Euro/Dollar traded within a 100 pip range. After the European currency descended down to 1.4151, it started appreciating up to 1.4245 yesterday, matching the positive Interbank sentiment projection at almost +7%, closing the day at 1.4220. This morning the pair climbed further up, reaching 1.4266. On the 1 hour chart the upward channel is still trying to resume, while on the 3 hour chart the upward channel is intact. Break above the nearest resistance and today's top at 1.4266 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4151, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4040. Today's focus is on EU16 GDP Q4 and Germany Manufacturing orders, at 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 declining, 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: 1.4266 1.4380 1.4500
Technical support levels: 1.4151 1.4040 1.3818

Trading range: 1.4245 - 1.4305
Trend: Upward
Buy at 1.4255 SL 1.4225 TP 1.4295

Yesterday we made +21 pips profit on EUR/USD from the following signal:
5:31 GMT+1 Buy EUR/USD at 1.4186 SL 1.4160 TP 1.4236, exit sent at 5:42 GMT+1.
Total yesterday +127, as shown in details at