EUR/USD 1.4652 - 8 June 2011

EUR/USD Open 1.4684 High 1.4698 Low 1.4562 Close 1.4690

On Tuesday the Euro/Dollar resumed increasing with over 130 pips. The European currency appreciated from 1.4562 to 1.4698 yesterday, matching the positive Interbank sentiment projection at over +2%, closing the day at 1.4690. This morning the pair is slightly adjusting, with 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 1.4698 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4562, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.4440. Today's focus is on Germany Current account and Trade balance, EU17 GDP, and Germany Industrial production, at 6, 9 and 10 GMT respectively. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is negative and declining, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.4698 1.4810 1.4923
Technical support levels: 1.4562 1.4440 1.4324

Trading range: 1.4640 - 1.4715
Trend: Upward
Buy at 1.4652 SL 1.4622 TP 1.4702

Yesterday we made +50 pips profit on EUR/USD from the following signal:
5:30 GMT+1 Buy EUR/USD at 1.4602 SL 1.4576 TP 1.4652, TP reached at 8:48 GMT+1.
Total yesterday +155, as shown in details at