EUR/USD Technical Analysis 8 February 2011

By @ibtimes on

EUR/USD 1.3630 - 8 February 2011
EUR/USD Open 1.3590 High 1.3636 Low 1.3507 Close 1.3581

On Monday the Euro/Dollar continued decreasing with around 120 pips. The European currency depreciated from 1.3626 to 1.3507 yesterday, not matching the positive Interbank sentiment projection at over +21%, closing the day at 1.3581. This morning the Euro recovered from yesterday's losses, climbing up to 1.3636, but trading may hold within range. On the 1 hour chart the upward channel was broken downwards, while on the 3 hour chart quotes are testing the lower limit of the upward channel. Break above the nearest resistance and today's top at 1.3636 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3507, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3400. Today's focus is on Germany Industrial production at 11 GMT. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and in the overbought zone, MACD is neutral and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall neutral to light long signals.
Technical resistance levels: 1.3636 1.3750 1.3861
Technical support levels: 1.3507 1.3400 1.3287

Trading range: 1.3640 - 1.3580
Trend: Downward
Sell at 1.3630 SL 1.3660 TP 1.3590

Yesterday we made +27 pips profit on EUR/USD from the following signal:
5:43 GMT Sell EUR/USD at 1.3615 SL 1.3641 TP 1.3565, exit sent at 7:57 GMT.
Total yesterday +138, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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