EUR/USD 1.3287 - 17 December 2010

EUR/USD Open 1.3238 High 1.3296 Low 1.3180 Close 1.3243

On Thursday the Euro/Dollar traded within a narrow 87 pip range. The European currency depreciated from 1.3267 to 1.3180 yesterday, not matching the positive Interbank sentiment projection at nearly +8%, closing the day at 1.3243. This morning the pair broke up of yesterday's range, reaching 1.3296. On the 1 hour chart trading is still within range, while on the 3 hour chart the downward channel is on hold. Break above the nearest resistance and today's top at 1.3296 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.3180, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3071. Today's focus is on Germany IFO business climate index and EU 16 Trade balance, at 9 and 10 GMT respectively. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and rising, MACD is neutral and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.3296 1.3400 1.3515
Technical support levels: 1.3180 1.3071 1.2957

Trading range: 1.3300 - 1.3235
Trend: Downward
Sell at 1.3287 SL 1.3317 TP 1.3247

Yesterday we made +13 pips profit on EUR/USD from the following signal:
7:31 GMT Sell EUR/USD at 1.3243 SL 1.3269 TP 1.3193, exit sent at 7:51 GMT.
Total yesterday +120, as shown in details at