EUR/USD 1.3137 - 22 December 2010

EUR/USD Open 1.3090 High 1.3202 Low 1.3073 Close 1.3098

On Tuesday the Euro/Dollar continued decreasing with nearly 130 pips. The European currency depreciated from 1.3202 to 1.3073, matching the negative Interbank sentiment projection at nearly -1%, closing the day at 1.3098. This morning the pair recovered partially, and it's trading quietly right now. On the 1 hour chart trading is still within range, while on the 3 hour chart the downward channel is making renewal efforts. Break above the nearest resistance and yesterday's top at 1.3202 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.3073, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2960. Today's focus is on Germany Import prices, Italy Consumer confidence and Retail sales at 7, 8:30 and 9 GMT respectively. Quotes are moving in line with the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bearish pressure. The value of the RSI indicator is neutral and inclining upwards, MACD is negative and calm, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.3202 1.3300 1.3416
Technical support levels: 1.3073 1.2960 1.2847

Trading range: 1.3150 - 1.3085
Trend: Downward
Sell at 1.3137 SL 1.3167 TP 1.3097

Yesterday we made +37 pips profit on EUR/USD from the following signal:
5:30 GMT Sell EUR/USD at 1.3170 SL 1.3205 TP 1.3120, exit sent at 8:20 GMT.
Total yesterday +123, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com