Euro/Dollar continued its bearish movement yesterday. The currency couple made a bottom at 1.2853 and closed at 1.2905. On the 4 hour chart we have formed a descending triangle, which indicates bearish scenario. The key support area now is around 1.2850, break below which will cause further bearish impetus with targets towards the region of 1.2670. Immediate resistance is represented by the 1.3050 level. The CCI indicator could not cross up the 100 line and continued down to the daily chart, assuming potential decreasing pressure.
Technical resistance levels: 1.3050 1. 3165 1.3285
Technical support levels: 1.2850 1.2670 1.2750
Trading range: 1.3000 - 1.2925
Sell at 1.2989 SL 1.3019 TP 1.2939
Yesterday we made +50 pips profit on EUR/USD from the following signal:
5:50 GMT Sell EUR/USD at 1.3007 SL 1.3033 TP 1.2957 TP reached at 7:15 GMT
Total yesterday +185, as shown at www.zifx.com/performance.php