EUR/USD 1.3216 - 16 January

EUR/USD Open 1.3166 High 1.3249 Low 1.3050 Close 1.3122

Euro/Dollar made significant movements yesterday, and climbed to 1.3249 on the ECB interest rate cut to 2.00%. Of the daily chart we see indications for hesitant market. Further upward correction however was rejected and the pair was thrown sharply down, reached a bottom at 1.3050 and closed at 1.3122. On the one hour chart we have a formed rectangle, suggesting that the pair is in consolidation. Signals remain neutral in the short term and still descending in the long term. Break out of the formed range will give us a clearer direction. Break under 1.3050 could lead to further decreasing scenario with targets towards the area of 1.2960, while a movement above 1.3350 may cause bullish adjustment to the region of 1.3520. The CCI indicator has just crossed up the 100 line on the four hour chart, assuming potential increasing pressure.

Technical resistance levels: 1.3250 1.3350 1.3520

Technical support levels: 1.3050 1.2960 1.2855

Trading range: 1.3205 - 1.3270

Trend: Upward

Buy at 1.3216 SL 1.3186 TP 1.3256

Yesterday we made +50 pips profit on EUR/USD from the following signal:

6:47 GMT Sell EUR/USD at 1.3208 SL 1.3234 TP 1.3158 TP reached at 7:11 GMT

Total yesterday +157, as shown at