EUR/USD Technical Analysis 8 April 2011

By @ibtimes on

EUR/USD 1.4385 - 8 April 2011

EUR/USD Open 1.4298 High 1.4405 Low 1.4336 Close 1.4306

On Thursday the Euro/Dollar decreased slightly with nearly 100 pips. The European currency depreciated from 1.4336 to 1.4241 yesterday, not matching the positive Interbank sentiment projection at almost +9%, closing the day at 1.4306. This morning the pair resumed climbing, rising up to 1.4405. On the 1 hour chart new upward channel has emerged again, while on the 3 hour chart the upward channel looks good. Break above the nearest resistance and today's top at 1.4405 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4336, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4216. Today's focus is on Germany Current account and Trade balance, both at 6 GMT. Quotes are moving above the even 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 ascending too, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.4405 1.4521 1.4633
Technical support levels: 1.4336 1.4216 1.4100

Trading range: 1.4375 - 1.4445
Trend: Upward
Buy at 1.4385 SL 1.4355 TP 1.4435

Yesterday we made +14 pips profit on EUR/USD from the following signal:
5:29 GMT+1 Buy EUR/USD at 1.4300 SL 1.4274 TP 1.4350, exit sent at 7:02 GMT+1.
Total yesterday +94, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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