EUR/USD 1.3342 - 15 December 2010

EUR/USD Open 1.3354 High 1.3498 Low 1.3336 Close 1.3371

On Tuesday the Euro/Dollar continued increasing with over 120 pips. The European currency appreciated from 1.3371 to 1.3498 yesterday, matching the positive Interbank sentiment projection at nearly +16%, than lost the earlier gains, closing the day at 1.3371. This morning the pair corrected down to 1.3336. On the 1 hour chart the trading range has widened, while on the 3 hour chart the downward channel is is on hold. Break above the nearest resistance and yesterday's top at 1.3498 may trigger further recovery of the Euro. Going bellow today's bottom and first support at 1.3336, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3225. 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 negative and calm, MACD is neutral and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.3498 1.3600 1.3713
Technical support levels: 1.3336 1.3225 1.3120

Trading range: 1.3355 - 1.3290
Trend: Downward
Sell at 1.3342 SL 1.3372 TP 1.3302 

Yesterday we made +50 pips profit on EUR/USD from the following signal:
5:32 GMT Buy EUR/USD at 1.3393 SL 1.3367 TP 1.3443, TP reached at 7:47 GMT.
Total yesterday +160, as shown in details at