EUR/USD 1.4402 - 9 May 2011

EUR/USD Open 1.4340 High 1.4586 Low 1.4302 Close 1.4309

On Friday the Euro/Dollar continued descending with almost 200 pips as commodities continued slashing. The European currency depreciated from 1.4586 to 1.4302 on Friday, not matching the positive Interbank sentiment projection at nearly +4%, closing the week at 1.4309. This morning the pair is making recovery attempts, but movements are at within Friday's range for the time being. On the 1 hour chart new downward channel has emerged, while on the 3 hour chart quotes are testing the lower limit of the upward channel. Break above the nearest resistance and Friday's top at 1.4586 may trigger further strengthening of the Euro. Going bellow Friday's bottom and first support at 1.4302, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4190. Today's focus is on Germany Current account and Trade balance, both at 6 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 calm, MACD is negative and quiet too, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.4586 1.4700 1.4811
Technical support levels: 1.4302 1.4190 1.4073

Trading range: 1.4415 - 1.4340
Trend: Downward
Sell at 1.4402 SL 1.4432 TP 1.4352

On Friday we made +50 pips profit on EUR/USD from the following signal:
6:40 GMT+1 Exit EUR/USD at 1.4553 with 24 pips profit, TP reached at 8:33 GMT+1.
Total on Friday +130, as shown in details at