EUR/USD Technical Analysis 15 April 2011

EUR/USD 1.4466 - 15 April 2011

EUR/USD Open 1.4483 High 1.4514 Low 1.4364 Close 1.4487

After the expected rise in the morning, on Thursday the Euro/Dollar decreased with 150 pips. The European currency depreciated from 1.4514 to 1.4364 yesterday, not matching the positive Interbank sentiment projection at above +10%, closing the day at 1.4487. This morning the pair is trading quietly, and at the top of yesterday's range for now. On the 1 hour chart the upward channel is trying to renew, while on the 3 hour chart the upward channel is intact. Break above the nearest resistance and yesterday's top at 1.4514 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4364, however, would confirm continuation of the bearish trend, towards next objective downwards 1.4250. Today's focus is on Italy CPI and HICP, EU17 Harmonized CPI and Trade balance, at 8 and 9 GMT respectively. Quotes are moving almost in line with the even 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is positive and declining, MACD is positive and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.4514 1.4638 1.4750
Technical support levels: 1.4364 1.4250 1.4132

Trading range: 1.4455 - 1.4520
Trend: Upward
Buy at 1.4466 SL 1.4436 TP 1.4506

Yesterday we made +50 pips profit on EUR/USD from the following signal:
5:30 GMT+1 Buy EUR/USD at 1.4455 SL 1.4429 TP 1.4505, TP reached at 6:26 GMT+1.
Total yesterday +172, as shown in details at http://www.zifx.com/performance.php.