Euro/Dollar made a significant increasing movement yesterday. The currency couple reached a bottom at 1.3748, rose up to the top 1.3918, and closed the day lower at 1.3834. On the 4 hour chart there is a head and shoulders formation, suggesting bullish reversal scenario, which we saw yesterday. Still, a consistent movement above 1.3900 is needed to confirm the short term upward correction with targets towards 1.3950. Immediate support is yesterday's bottom 1.3750. The CCI indicator has crossed up the 100 on the 1 hour chart, suggesting potential ascending pressure with possible test of the 1.3920 resistance level. Break above this zone may renew the recovery of the European currency.
Technical resistance levels: 1.3920 1.4060 1.4185
Technical support levels: 1.3750 1.3620 1.3490
Trading range: 1.3890 - 1.3825
Sell at 1.3876 SL 1.3906 TP 1.3836
Yesterday we made +42 pips profit on EUR/USD from the following signal:
6:29 GMT+1 Sell EUR/USD at 1.3960 SL 1.3986 TP 1.3910 exited at 6:43 GMT
Total yesterday +169, as shown at www.zifx.com/performance.php