EUR/USD 1.4635 - 6 June 2011

EUR/USD Open 1.4653 High 1.4658 Low 1.4449 Close 1.4630

On Friday the Euro/Dollar resumed increasing with almost 200 pips. The European currency appreciated from 1.4449 to 1.4646 on Friday, matching the positive Interbank sentiment projection at over +9%, closing the week at 1.4630. This morning the pair rose slightly further, reaching 1.4658. On the 1 hour chart the upward channel looks good, while on the 3 hour chart trading has crossed up the middle of the wide range. Break above the nearest resistance and today's top at 1.4658 may trigger further strengthening of the Euro. Going bellow Friday's bottom and first support at 1.4449, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.4340. Today's focus is on EU17 PPI at 9 GMT. 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 inclining upwards, MACD is positive and quiet, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.4658 1.4773 1.4900
Technical support levels: 1.4449 1.4340 1.4223

Trading range: 1.4625 - 1.4695
Trend: Upward
Buy at 1.4635 SL 1.4605 TP 1.4685

On Friday we made +6 pips profit on EUR/USD from the following signal:
5:30 GMT+1 Buy EUR/USD at 1.4482 SL 1.4456 TP 1.4532, exit sent at 5:45 GMT+1.
Total on Friday +72, as shown in details at http://www.zifx.com/performance.php.

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