EUR/USD Technical Analysis 9 February 2011

By @ibtimes on

EUR/USD 1.3650 - 9 February 2011
EUR/USD Open 1.3626 High 1.3688 Low 1.3571 Close 1.3622

On Tuesday the Euro/Dollar increased with nearly 120 pips. The European currency appreciated from 1.3571 to 1.3688 yesterday, matching the positive Interbank sentiment projection at over +14%, closing the day at 1.3622. This morning the Euro is trading quietly and within yesterday's range for now. On the 1 hour chart the upward channel was broken downwards, while on the 3 hour chart the upward channel is making renewal efforts. Break above the nearest resistance and yesterday's top at 1.3688 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3571, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3555. Today's focus is on Germany Current account and Trade balance, both at 7 GMT. Quotes are 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 negative and declining, MACD is thinly positive and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.3688 1.3800 1.3917
Technical support levels: 1.3571 1.3555 1.3443

Trading range: 1.3660 - 1.3600
Trend: Downward
Sell at 1.3650 SL 1.3680 TP 1.3610

Yesterday we made +43 pips profit on EUR/USD from the following signal:
5:33 GMT Sell EUR/USD at 1.3635 SL 1.3661 TP 1.3585, exit sent at 9:19 GMT.
Total yesterday +129, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

Join the Discussion