EUR/USD Caught In 200 Pip Range This Week

03 February 2012 @ 12:44 am EDT

EUR/USD Open 1.3135 High 1.3197 Low 1.3084 Close 1.3143

On Thursday Euro/Dollar decreased with 110 pips. The European currency depreciated from 1.3197 to 1.3084 yesterday, not matching the positive Interbank sentiment projection at almost +18%, closing the day at 1.3143. This morning the Euro is trading quietly, and within yesterday's range for now. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart range trading is forming. Break above the nearest resistance and yesterday's top at 1.3197 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3084, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2970. Today's focus is on Italy, France, Germany and EU17 PMI services, EU17 Retail sales, and Italy CPI and HICP, at 8:45, 8:50, 8:55, 9 and 10 GMT respectively. Quotes are moving in line with the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term neutral and medium term slim bearish pressure. The value of the RSI indicator is negative and declining, MACD is neutral and calm, while CCI is in line with the 100 line on the 1 hour chart, giving overall all neutral to light short signals.

Technical resistance levels: 1.3197 1.3315 1.3453

Technical support levels: 1.3084 1.2970 1.2848

Trading range: 1.3125 - 1.3200

Trend: Upward

Buy at 1.3136 SL 1.3106 TP 1.3186

Yesterday we made +35 pips profit on EUR/USD from the following sent to clients only signal:

8:35 GMT Sell EUR/USD at 1.3158 SL 1.3184 TP 1.3108, exit sent at 9:04 GMT+1.

Total yesterday +102, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com EUR/USD Chart