EUR/USD Technical Analysis 8 March 2011

By @ibtimes on

EUR/USD 1.3980 - 8 March 2011
EUR/USD Open 1.3961 High 1.4036 Low 1.3954 Close 1.3967

On Monday the Euro/Dollar traded up and down within 80 pip range. The European currency appreciated from 1.3954 to 1.4036 yesterday, matching the positive Interbank sentiment projection at almost +25%, than lost all earlier gains, closing the day at 1.3967. This morning the pair is making new recovery efforts, but it's moving within yesterday's range for now. On the 1 hour chart the upward channel looks good, while on the 3 hour chart the upward channel has also renewed. Break above the nearest resistance and yesterday's top at 1.4036 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3954, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3832. Today's focus is on Germany Manufacturing orders at 11 GMT. Quotes are moving between the close 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is negative and declining, MACD is neutral and tranquil, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.4036 1.4150 1.4259
Technical support levels: 1.3954 1.3832 1.3719

Trading range: 1.3970 - 1.4040
Trend: Upward
Buy at 1.3980 SL 1.3950 TP 1.4030

Yesterday we made +26 pips profit on EUR/USD from the following signal:
5:30 GMT Buy EUR/USD at 1.3974 SL 1.3948 TP 1.4024, exit sent at 7:32 GMT.
Total yesterday +117, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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