EUR/USD Open 1.2646 High 1.2879 Low 1.2623 Close 1.2676

On Friday Euro/Dollar decreased significantly on S&P downgrade of some EU countries with 250 pips. The European currency depreciated from 1.2879 to 1.2623 on Friday, matching the negative Interbank sentiment projection at nearly -3%, closing the week at 1.2676. This morning the Euro is trading quietly, at the lower end of Friday's range for now. On the 1 hour chart the downward channel is making renewal attempts, while on the 3 hour chart the downward channel is intact. Break above the nearest resistance and Friday's top at 1.2879 may trigger further strengthening of the Euro. Going bellow Friday's bottom and first support at 1.2623, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2500. Today's focus is on Italy CPI and HICP, both at 10 GMT. Quotes are moving bellow the crossed 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, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall all light short signals.
Technical resistance levels: 1.2879 1.3000 1.3114
Technical support levels: 1.2623 1.2500 1.2381

Trading range: 1.2655 - 1.2580
Trend: Downward
Sell at 1.2642 SL 1.2672 TP 1.2592

On Friday we made +42 pips profit on EUR/USD from the following sent to clients only signal:
6:00 GMT Buy EUR/USD at 1.2837 SL 1.2811 TP 1.2887, exit sent at 6:21 GMT+1.
Total on Friday +136, as shown in details at