Last week the Euro/Dollar resumed decreasing after failing to overcome the 1.2875 resistance. On the weekly chart risk of further decline remains valid, with targets towards the region of 1.2300, will the Euro remains under 1.3200. At the same time on the daily chart the currency couple consolidated, and the development of the downward trend could not be achieved, as EUR/USD met good demand in the area around 1.2730, and established convergence. Technically we have descending triangle, whose figure for the bearish scenario is towards the key level 1.2600. The market seems to have its hesitations and awaits more significant catalyst. The CCI indicator is in the oversold area and upwards on the 1 and 4 hour charts, assuming increasing pressure towards testing of the 1.2875 resistance. Going back under 1.2600 will form descending signals towards 1.2530.
Technical resistance levels: 1.2875 1. 2950 1.3055
Technical support levels: 1.2600 1.2515 1.2405
Trading range: 1.2665 - 1.2600
Sell at 1.2652 SL 1.2682 TP 1.2612
Yesterday we made +39 pips profit on EUR/USD from the following signal:
5:49 GMT Sell EUR/USD at 1.2765 SL 1.2791 TP 1.2715 exited at 6:47 GMT
Total yesterday +152, as shown at www.zifx.com/performance.php