EUR/USD 1.2867 - 13 August 2010
On Thursday the Euro/Dollar continued descending insignificantly. The European currency depreciated from 1.2929 to 1.2787 yesterday, not exactly matching the positive Interbank sentiment projection, at nearly +3%, closing the day at 1.2829. This morning the pair is correcting, but renewal of bearish movements should not come unexpected. On the 1 hour chart new downward channel looks good, while on the 3 hour chart the upward channel is broken downwards. Break above the nearest resistance and yesterday's top at 1.2929 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.2787, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2700. Today's focus is on Germany GDP Q2, France GDP Q2, CPI and HICP, EU 16 Trade balance and GDP Q2 at 6, 6:45 and 9 GMT respectively. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and declining, MACD is negative and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 1.2929 1.3041 1.3150
Technical support levels: 1.2787 1.2700 1.2607
Yesterday we made +33 pips profit on EUR/USD from the following signal:
6:54 GMT+1 Sell EUR/USD at 1.2914 SL 1.2940 TP 1.2864 exit sent at 7:43 GMT+1.
Total yesterday +91, as shown in details at http://www.zifx.com/performance.php.