EUR/USD Technical Analysis 7 September 2010

EUR/USD 1.2813 - 7 September 2010

On Monday the Euro/Dollar traded within narrow range. The European depreciated from 1.2914 to 1.2867 yesterday, not matching the positive Interbank sentiment projection, at around +6%, closing the day at 1.2874. This morning bears started pushing down. On the 1 hour chart trading is still within wide range, and on the 3 hour chart range trading is also formed. Break above the nearest resistance and yesterday's top at 1.2914 may trigger further recovery of the Euro. Going bellow this morning's bottom and first support at 1.2790, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2700. Today's focus is on Germany Manufacturing orders at 10 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and quiet too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.2914 1.3000 1.3111
Technical support levels: 1.2790 1.2700 1.2589

Yesterday we made +23 pips profit on EUR/USD from the following signal:
5:35 GMT+1 Buy EUR/USD at 1.2893 SL 1.2867 TP 1.2943 exit sent at 7:59 GMT+1.
Total yesterday +97, as shown in details at http://www.zifx.com/performance.php.