EUR/USD Technical Analysis 9 March 2010

EUR/USD 1.3622 - 9 March 2010

Optimism is back after the U.S. Unemployment figures came out better than expected on Friday. Euro/Dollar continued trading with an increase on Monday. The currency couple tested the upper limit of the downward channel on the 3 hour chart at 1.3698 yesterday, from where started descending down to 1.3611, closing the day at 1.3633. On the 1 hour we see 1.3461 - 1.3779 range trading, which gives us uncertain medium term direction. Going bellow the 1.3605 support may trigger stronger bearish impulse towards next target 1.3468. The nearest resistance is yesterday's top at 1.3698. Today's focus is on U.S. Red book at 13:55 GMT. Quotes are moving bellow the 50 and 20 EMA on the 1 hour chart, indicating bearish pressure. The value of RSI indicator is negative and rising, MACD is neutral and calm, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.3698 1.3813 1.4000
Technical support levels: 1.3605 1.3468 1.3370
On Friday we made +24 pips profit on EUR/USD from the following signal:
5:38 GMT Buy EUR/USD at 1.3671 SL 1.3645 TP 1.3721 exit sent 7:47 GMT
Total yesterday +131, as shown in details at our web site.