EUR/USD 1.2988 - 12 January 2011

EUR/USD Open 1.2981 High 1.3017 Low 1.2903 Close 1.2972

On Tuesday the Euro/Dollar traded within narrow 90 pip range. The European currency appreciated from 1.2903 to 1.2993 yesterday, matching the neutral Interbank sentiment projection at under -7%, closing the day at 1.2972. This morning bulls pushed the pair further up to 1.3017. On the 1 hour chart the downward channel is on hold, while on the 3 hour chart the downward channel looks good. Break above the nearest resistance and today's top at 1.3017 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.2903, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2795. Today's focus is on Germany GDP, and Italy and EU16 Industrial production, at 7, 9 and 10 GMT respectively. Quotes are moving just above 20 and 50 EMA on the 1 hour chart, with last warning red candles, indicating slim bullish pressure. The value of the RSI indicator is positive and declining, MACD is positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.3017 1.3127 1.3240
Technical support levels: 1.2903 1.2795 1.2680

Trading range: 1.3000 - 1.2935
Trend: Downward
Sell at 1.2988 SL 1.3018 TP 1.2948

Yesterday we made +30 pips profit on EUR/USD from the following signal:
5:30 GMT Sell EUR/USD at 1.2943 SL 1.2969 TP 1.2893, exit sent at 8:03 GMT.
Total yesterday +93, as shown in details at