On Friday Euro/Dollar attempted to decrease, reaching a bottom at 1.2872, but then the currency couple rose insignificantly to 1.2948 and closed at 1.2923. Last week the European currency made a significant upward adjustment on the daily chart but has hanged in the overbought zone, which is a signal of potentially descending movement once the price approaches the 1.2990 resistance, a possible double top. Signals are neutral for now, but in the long term the decreasing scenario remains valid. Immediate support is 1.2820, followed by 1.2740. The CCI indicator is about to pass down the 100 line on the 1 hour chart, suggesting potential downward signal.
Technical resistance levels: 1.2990 1.3100 1.3225
Technical support levels: 1.2820 1.2740 1.2635
Trading range: 1.2920 - 1.2855
Sell at 1.2907 SL 1.2937 TP 1.2867
On Friday we made +22 pips profit on EUR/USD from the following signal:
5:47 GMT Buy EUR/USD at 1.2900 SL 1.2874 TP 1.2950 exited at 6:05 GMT
Total on Friday +159, as shown at www.zifx.com/performance.php