EUR/USD 1.3175 - 21 December 2010

EUR/USD Open 1.3116 High 1.3194 Low 1.3093 Close 1.3124

On Monday the Euro/Dollar decreased with nearly 100 pips. The European currency depreciated from 1.3190 to 1.3093, matching the negative Interbank sentiment projection at nearly -3%, closing the day at 1.3124. This morning the pair recovered all yesterday losses, climbing up to 1.3194. 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 1.3194 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.3093, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3000. Today's focus is on USA Redbook at 13:55 GMT. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and rising, MACD is neutral and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.3194 1.3300 1.3416
Technical support levels: 1.3093 1.3000 1.2886

Trading range: 1.3185 - 1.3125
Trend: Downward
Sell at 1.3175 SL 1.3205 TP 1.3135

Yesterday we made +6 pips profit on EUR/USD from the following signal:
5:31 GMT Sell EUR/USD at 1.3152 SL 1.3178 TP 1.3102, exit sent at 5:34 GMT.
Total yesterday +50, as shown in details at