EUR/USD Technical Analysis 9 February 2010

EUR/USD 1.3718 - 9 February 2010

Euro/Dollar traded hesitantly on Monday within the 1.3624 - 1.3719 range, because of economic events absence, closing the day at 1.3647. The currency couple is still on the slippery bearish track for now, as seen on the 1 hour chart because of the economic crises in Greece, Portugal and other countries. The nearest support is Monday's bottom at 1.3624, and if broken down, the bearish impulse is expected to get extended towards next objective downwards 1.3531. Any upward correction should not come unexpected after such drastic descends, but only convincing break above the upper limit of the downward channel, currently around 1.4016 may seriously threaten the integrity of the downward channel and possibly lead to recovery of the European currency. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, because of the last bullish corrective impulse. The values of RSI indicator is positive leaning downwards, while MACD and CCI are neutral and leaning upwards on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 1.3719 1.3822 1.3919
Technical support levels: 1.3624 1.3531 1.3440
Yesterday we made +50 pips profit on EUR/USD from the following signal:
6:58 GMT Buy EUR/USD at 1.3625 SL 1.3599 TP 1.3675 TP hit 7:47 GMT
Total yesterday +193, as shown in details at our web site.