Euro/Dollar attempted to drop Friday. The currency couple reached a bottom at 1.2819, but further descending motion was rejected as the pair turned upwards sharply, closing at 1.2858. On the daily chart a reverse hammer is formed, which is an indication of potential turning upward. Signals today, however are downwards in the short term with possible testing of the 1.2720 support level, and neutral in the long term. Next support further down is 1.2950. Immediate resistance is represented by the 1.2950 level. The CCI indicator has crossed down the 100 line on the 4 hour chart, suggesting potential decreasing pressure.
Technical resistance levels: 1.2950 1. 3055 1.3180
Technical support levels: 1.2720 1.2605 1.2515
Trading range: 1.2775 - 1.2710
Sell at 1.2763 SL 1.2793 TP 1.2723
On Friday we made +42 pips profit on EUR/USD from the following signal:
5:47 GMT Sell EUR/USD at 1.2921 SL 1.2947 TP 1.2871 exited at 7:03 GMT
Total on Friday +106, as shown at www.zifx.com/performance.php