The weakness of the Euro continued yesterday. The descending channel on a daily basis continues to be valid. The psychological level at 1.3000 was overcome without significant tests, indicating that the strength of the Dollar is not exhausted and can be expected to go down to levels around 1.2700 followed by 1.2510. The market likes round numbers and it is likely to find support at the above levels. The market is in anticipation of swift action by the new administration of the new American president Barrak Obama. This will seriously affect moods and expectations of traders and market volatility is possible to grow. The model in the short term remains descending. Short term support level is 1.2770, followed by 1.2510. Short term resistance levels are represented by the levels 1.3300 and 1.3410. Technical indicators are starting to reach underestimated areas, a prerequisite for a correction in upward direction.
Technical resistance levels: 1.3070 1. 3165 1.3300
Technical support levels: 1.2950 1.2770 1.2650
Trading range: 1.3040 - 1.2965
Sell at 1.3028 SL 1.3058 TP 1.2978
Yesterday we made +50 pips profit on EUR/USD from the following signal:
5:49 GMT Sell EUR/USD at 1.2993 SL 1.3019 TP 1.2943 TP reached at 6:19 GMT
Total yesterday +178, as shown at www.zifx.com/performance.php