EUR/USD 1.3882 - 9 March 2011

EUR/USD Open 1.3892 High 1.3989 Low 1.3861 Close 1.3903

On Tuesday the Euro/Dollar decreased on the bad Moody's rating for Greece. The European currency depreciated from 1.3989 to 1.3861 yesterday, not matching the positive Interbank sentiment projection at almost +25%, closing the day at 1.3903. This morning the pair is showing weakness again, but it's moving within yesterday's range for now. On the 1 hour chart the upward channel is being tested at its lower level, while on the 3 hour chart the upward channel still looks good. Break above the nearest resistance and yesterday's top at 1.3989 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3861, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3770. Today's focus is on Germany Industrial production at 11 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and declining, MACD is negative and tranquil, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.3989 1.4100 1.4217
Technical support levels: 1.3861 1.3770 1.3652

Trading range: 1.3895 - 1.3820
Trend: Downward
Sell at 1.3882 SL 1.3912 TP 1.3832

Yesterday we made +3 pips profit on EUR/USD from the following signal:
5:31 GMT Buy EUR/USD at 1.3982 SL 1.3956 TP 1.4032, exit sent at 5:34 GMT.
Total yesterday +23, as shown in details at