EUR/USD Technical Analysis 7 April 2011

By @ibtimes on

EUR/USD 1.4297 - 7 April 2011

EUR/USD Open 1.4333 High 1.4350 Low 1.4216 Close 1.4330

On Wednesday the Euro/Dollar resumed increasing with around 135 pips. The European currency appreciated from 1.4216 to 1.4350 yesterday, matching the positive Interbank sentiment projection at over +11%, closing the day at 1.4330. This morning the pair is in correctional mood for now, but climbing may renew any time. On the 1 hour chart the upward channel has formed again, while on the 3 hour chart the upward channel looks great. Break above the nearest resistance and yesterday's top at 1.4350 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4216, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4200. Today's focus is on Germany Industrial production, and EU17 ECB meeting announcement and press conference, at 10, 11:45 and 12:30 GMT respectively. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is negative and declining, MACD is positive and neutral, while CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral to light short signals.
Technical resistance levels: 1.4350 1.4467 1.4585
Technical support levels: 1.4216 1.4200 1.3981

Trading range: 1.4285 - 1.4350
Trend: Upward
Buy at 1.4297 SL 1.4267 TP 1.4337

Yesterday we made +50 pips profit on EUR/USD from the following signal:
5:37 GMT+1 Buy EUR/USD at 1.4255 SL 1.4229 TP 1.4305, TP reached at 8:42 GMT+1.
Total yesterday +141, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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