EUR/USD Technical Analysis 7 March 2011

By @ibtimes on

EUR/USD 1.3972 - 7 March 2011
EUR/USD Open 1.3986 High 1.4007 Low 1.3939 Close 1.3981

On Friday the Euro/Dollar continued increasing insignificantly with nearly 70 pips. The European currency appreciated from 1.3939 to 1.4007 on Friday, matching the positive Interbank sentiment projection at almost +25%, closing the week at 1.3981. This morning the pair is trading hesitantly and within Friday's range for now. On the 1 hour chart the upward channel looks good, while on the 3 hour chart the upward channel has renewed. Break above the nearest resistance and Friday's top at 1.4007 may trigger further strengthening of the Euro. Going bellow Friday's bottom and first support at 1.3939, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3832. There are no major economic events for EU today. Quotes are moving in line with the 20 and above the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is thinly positive and inclining upwards, MACD is positive and slightly declining, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.4007 1.4090 1.4200
Technical support levels: 1.3939 1.3832 1.3719

Trading range: 1.3960 - 1.4035
Trend: Upward
Buy at 1.3972 SL 1.3942 TP 1.4022

On Friday we made +8 pips profit on EUR/USD from the following signal:
5:28 GMT Buy EUR/USD at 1.3956 SL 1.3930 TP 1.4006, exit sent at 7:43 GMT.
Total on Friday +78, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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