EUR/USD Weakens On Prolonged Greek Issue

EUR/USD Open 1.3115 High 1.3175 Low 1.3027 Close 1.3128

On Monday Euro/Dollar decreased with 150 pips on prolonged Greek issue. The European currency depreciated from 1.3175 to 1.3027 yesterday, not matching the positive Interbank sentiment projection at over +1%, closing the day at 1.3128. This morning the Euro is trading quietly, moving 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 has formed. Break above the nearest resistance and yesterday's top at 1.3175 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3027, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2915. Today's focus is on Germany Industrial production, at 11 GMT. 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 bearish pressure. The value of the RSI indicator is positive 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 signals.
Technical resistance levels: 1.3175 1.3286 1.3400
Technical support levels: 1.3027 1.2915 1.2800

Trading range: 1.3120 - 1.3045
Trend: Downward
Sell at 1.3106 SL 1.3136 TP 1.3056

Yesterday we made +50 pips profit on EUR/USD from the following sent to clients only signal:
7:45 GMT Sell EUR/USD at 1.3088 SL 1.3114 TP 1.3038, TP reached at 9:11 GMT+1.
Total yesterday +99, as shown in details at http://www.zifx.com/performance.php.

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