EUR/USD 1.4047 - 25 May 2011

http://uk.ibtimes.com/articles/151607/20110525/eur-usd-technical-analysis-25-may-2011.htm

EUR/USD 1.4047 - 25 May 2011

EUR/USD Open 1.4100 High 1.4133 Low 1.4000 Close 1.4098

After two days of strong decline, on Tuesday the Euro/Dollar adjusted upwards with 130 pips. The European currency appreciated from 1.4000 to 1.4133 yesterday, matching the positive Interbank sentiment projection at nearly +15%, closing the day at 1.4098. This morning the pair is trying to resume descending, but movements are still within yesterday's range. On the 1 hour chart the downward channel has renewed, while on the 3 hour quotes broke down of the wide trading range. Break above the nearest resistance and yesterday's top at 1.4133 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.4000, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.3886. Today's focus is on Italy Retail sales and France Unemployment, at 8 and 16 GMT respectively. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and declining, MACD is neutral and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.4133 1.4250 1.4363
Technical support levels: 1.4000 1.3886 1.3761

Trading range: 1.4060 - 1.3985
Trend: Downward
Sell at 1.4047 SL 1.4077 TP 1.3997

Yesterday we made +24 pips profit on EUR/USD from the following signal:
5:29 GMT+1 Sell EUR/USD at 1.4060 SL 1.4086 TP 1.4010, exit sent at 7:18 GMT+1.
Total yesterday +97, as shown in details at http://www.zifx.com/performance.php.

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