EUR/USD 1.3394 - 14 December 2010

EUR/USD Open 1.3393 High 1.3429 Low 1.3183 Close 1.3391

On Monday the Euro/Dollar strongly increased with over 240 pips on the US debt came on focus. The European currency appreciated from 1.3183 to 1.3429 yesterday, matching the positive Interbank sentiment projection at over +6%, closing the day at 1.3391. This morning trading is hesitant and without clear direction for now. On the 1 hour chart trading is within wide range, while on the 3 hour chart the downward channel is is on hold. Break above the nearest resistance and yesterday's top at 1.3429 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.3183, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3070. Today's focus is on France CPI and HICP, Germany ZEW economic expectations index, and EU 16 Industrial production, at 6:30 and 10 GMT respectively. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating 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: 1.3429 1.3541 1.3665
Technical support levels: 1.3183 1.3070 1.2959

Trading range: 1.3380 - 1.3445
Trend: Upward
Buy at 1.3394 SL 1.3364 TP 1.3434

Yesterday we made +15 pips profit on EUR/USD from the following signal:
5:50 GMT Buy EUR/USD at 1.3199 SL 1.3215 TP 1.3149, exit sent at 6:12 GMT.
Total yesterday +111, as shown in details at http://www.zifx.com/performance.php.

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