Euro/Dollar found support around the previous bottom 1.2460. Last week traders increased their interest towards the Euro. Weekly trading range was 1.2605 - 1.2954. We should consider the trade from two perspectives - on a weekly and daily basis. On a weekly basis the formation of W can clearly be seen. Any additional bed is higher than the previous, which is an indication of incipient trend. Targets are towards 1.4450, followed by 1.4700. On a daily basis at the moment resistance first level is 1.3065. Three tests were conducted at that levels, so far unsuccessful, which is an indication of a potential downward movement correction. Correctional targets are 1.2770, than 1.2640. Stock markets are positive at the beginning of the week, which supports the upward direction of the Euro. But surprises are always possible due to the nervousness of investors and the uncertainty in the effect of the economic measures taken. Immediate support levels are 1.2730, followed by 1.2625. Short term resistance is 1.3000, followed by 1.3345.
Technical resistance levels: 1.3000 1.3170 1.3345
Technical support levels: 1.2730 1.2625 1.2520
Trading range: 1.2955 - 1.3020
Buy at 1.2967 SL 1.2937 TP 1.3007
Yesterday we made +12 pips profit on EUR/USD from the following signal:
6:41 GMT Sell EUR/USD at 1.2933 SL 1.2959 TP 1.2883 exited at 6:51 GMT
Total yesterday +82, as shown at www.zifx.com/performance.php