EUR/USD 1.3336 - 17 January 2011

EUR/USD Open 1.3375 High 1.3458 Low 1.3312 Close 1.3381

On Friday the Euro/Dollar continued increasing significantly with over 120 pips. The European currency appreciated from 1.3333 to 1.3458 on Friday, matching the positive Interbank sentiment projection at almost +17%, closing the week at 1.3381. This morning trading is correctional and still within Friday's range. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart the downward channel is on hold. Break above the nearest resistance and Friday's top at 1.3458 may trigger further recovery of the Euro. Going bellow Friday's bottom and first support at 1.3312, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3200. Today is USA Martin Luther King Day. Quotes are moving just bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is negative and declining, MACD is positive and dropping, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.3458 1.3570 1.3681
Technical support levels: 1.3312 1.3200 1.3086

Trading range: 1.3350 - 1.3285
Trend: Downward
Sell at 1.3336 SL 1.3366 TP 1.3296

On Friday we made +59 pips profit on EUR/USD from the following signal:
5:31 GMT Buy EUR/USD at 1.3341 SL 1.3315 TP 1.3391, TP reached at 7:43 GMT.
Total on Friday +134, as shown in details at