EUR/USD 1.4615 - 9 June 2011

EUR/USD Open 1.4596 High 1.4691 Low 1.4563 Close 1.4582

On Wednesday the Euro/Dollar corrected downwards with 130 pips, losing all Tuesda's gains, and forming range trading. The European currency depreciated from 1.4691 to 1.4563 yesterday, not matching the positive Interbank sentiment projection at nearly +3%, closing the day at 1.4582. This morning the pair is making recovery attempts, with movements are within yesterday's range for now. On the 1 hour chart the upward channel has slowed down, 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 1.4691 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4563, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.4440. Today's focus is on EU17 ECB meeting announcement and press conference, at 11:45 and 12:30 GMT respectively. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is thinly positive and tranquil, MACD is negative 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: 1.4691 1.4810 1.4923
Technical support levels: 1.4563 1.4440 1.4324

Trading range: 1.4605 - 1.4665
Trend: Upward
Buy at 1.4615 SL 1.4585 TP 1.4655

Yesterday we made +35 pips profit on EUR/USD from the following signal:
5:30 GMT+1 Buy EUR/USD at 1.4654 SL 1.4628 TP 1.4704, exit sent at 7:22 GMT+1.
Total yesterday +135, as shown in details at http://www.zifx.com/performance.php.

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