EUR/USD 1.2943 - 11 January 2011

EUR/USD Open 1.2959 High 1.2991 Low 1.2857 Close 1.2948

On Monday the Euro/Dollar traded with slight, just over 100 pips increase. The European currency appreciated from 1.2857 to 1.2966 yesterday, not matching the negative Interbank sentiment projection at nearly -16%, closing the day at 1.2948. This morning bulls pushed the pair further up to 1.2991. On the 1 hour chart the downward channel has slowed down, while on the 3 hour chart the downward channel is intact. Break above the nearest resistance and today's top at 1.2991 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.2857, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2748. Today's focus is on USA Redbook and Wholesale inventories at 13:55 and 15 GMT respectively. Quotes are moving in line with the even 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is neutral and declining, MACD is neutral and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.2991 1.3100 1.3216
Technical support levels: 1.2857 1.2748 1.2635

Trading range: 1.2955 - 1.2890
Trend: Downward
Sell at 1.2943 SL 1.2973 TP 1.2903

Yesterday we made +44 pips profit on EUR/USD from the following signal:
7:03 GMT Sell EUR/USD at 1.2920 SL 1.2946 TP 1.2870, exit sent at 7:41 GMT.
Total yesterday +116, as shown in details at http://www.zifx.com/performance.php.

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