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Technical Analysis - 5 July 2011
Ted Wilson (iForex.bg), iFOREX Ltd.
Published 07/05/2011
- 1:54 a.m. EST
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EUR/USD Pull Back Off One Month High on S&P Comments
EUR/USD Open 1.4548 High 1.4578 Low 1.4469 Close 1.4538On Monday the Euro/Dollar traded within 80 pip range. The European currency depreciated from 1.4578 to 1.4495 yesterday, not matching the positive Interbank sentiment projection at over +3%, closing the day at 1.4538. This morning the European currency descended after the S&P comments, dropping down to 1.4469. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart trading remains within wide range. Break above the nearest resistance and yesterday's top at 1.4578 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.4469, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.4352. Today's focus is on Italy, France, Germany and EU17 PMI, and EU17 Retail sales, at 7:45, 7:50, 7:55, 8 and 9 GMT respectively. Quotes are moving just bellow the almost even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is neutral and declining, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.Technical resistance levels: 1.4578 1.4690 1.4800
Technical support levels: 1.4469 1.4352 1.4240
Trading range: 1.4490 - 1.4415
Trend: Downward
Sell at 1.4476 SL 1.4506 TP 1.4426Yesterday we made +38 pips profit on EUR/USD from the following signal:
6:12 GMT+1 Buy EUR/USD at 1.4523 SL 1.4497 TP 1.4573, exit sent at 7:47 GMT+1.
Total yesterday +129, as shown in details here.
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