EUR/USD 1.4598 - 7 June 2011

EUR/USD Open 1.4579 High 1.4658 Low 1.4556 Close 1.4573

On Monday the Euro/Dollar adjusted downwards with almost 100 pips. The European currency depreciated from 1.4658 to 1.4556 yesterday, not matching the positive Interbank sentiment projection at around +6%, closing the day at 1.4573. This morning the pair is making recovery efforts, but movements are within yesterday's range for now. 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 yesterday's top at 1.4658 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4556, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.4440. Today's focus is on EU17 Retail sales and Germany Manufacturing orders, at 9 and 10 GMT respectively. Quotes are moving just above the almost even 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is neutral and inclining upwards, MACD is neutral 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: 1.4556 1.4440 1.4324

Trading range: 1.4585 - 1.4660
Trend: Upward
Buy at 1.4598 SL 1.4568 TP 1.4648

Yesterday we made +22 pips profit on EUR/USD from the following signal:
5:28 GMT+1 Buy EUR/USD at 1.4636 SL 1.4610 TP 1.4686, exit sent at 7:43 GMT+1.
Total yesterday +59, as shown in details at