EUR/USD 1.3198 - 13 December 2010

EUR/USD Open 1.3196 High 1.3283 Low 1.3178 Close 1.3221

On Friday the Euro/Dollar decreased with over 100 pips. The European currency depreciated from 1.3283 to 1.3178 on Friday, not matching the positive Interbank sentiment projection at nearly +20%, closing the week at 1.3221. This morning trading is hesitant and without clear direction for now. On the 1 hour chart range trading has formed, while on the 3 hour chart the downward channel is trying to resume. Break above the nearest resistance and Friday's top at 1.3283 may trigger further recovery of the Euro. Going bellow Friday's bottom and first support at 1.3178, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3063. There are no major economic events for EU today. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is positive and rising, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.3283 1.3400 1.3516
Technical support levels: 1.3178 1.3063 1.2950

Trading range: 1.3210 - 1.3145
Trend: Downward
Sell at 1.3198 SL 1.32228 TP 1.3158

On Friday we made +6 pips profit on EUR/USD from the following signal:
5:350 GMT Buy EUR/USD at 1.3277 SL 1.3251 TP 1.3327, exit sent at 7:40 GMT.
Total on Friday +48, as shown in details at