EUR/USD 1.3614 - 7 February 2011

EUR/USD Open 1.3592 High 1.3684 Low 1.3542 Close 1.3575

On Friday the Euro/Dollar continued decreasing with around 140 pips. The European currency depreciated from 1.3684 to 1.3542 on Friday, not matching the positive Interbank sentiment projection at almost +21%, closing the week at 1.3575. This morning partial correction is in place, but trading is still within Friday's range. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart quotes are testing the lower limit of the upward channel. Break above the nearest resistance and Friday's top at 1.3684 may trigger further strengthening of the Euro. Going bellow Friday's bottom and first support at 1.3542, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3430. Today's focus is on Germany Manufacturing orders at 11 GMT. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and rising, MACD is negative and inclining upwards, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.3684 1.3800 1.3911
Technical support levels: 1.3542 1.3430 1.3314

Trading range: 1.3625 - 1.3560
Trend: Downward
Sell at 1.3614 SL 1.3644 TP 1.3574

On Friday we made +19 pips profit on EUR/USD from the following signal:
5:30 GMT Sell EUR/USD at 1.3636 SL 1.3662 TP 1.3586, exit sent at 8:08 GMT.
Total on Friday +73, as shown in details at