Euro/Dollar had a moderate increasing momentum on Friday. The currency couple tried to drop, reaching a bottom at 1.3882, than ascended, reached a peak at 1.3998 and closed the week highrt at 1.3938. On the 1 hour chart there a still valid secondary ascending channel, but the rising scenario will be confirmed only when the trend line resistance is broken. Last week there wasn't clear and convincing directional movement, and perhaps it is better to await further developments on the market. Immediate support is 1.3880, followed by 1.3750. Break at that level may trigger further bearish impetus towards 1.3590. The nearest resistance is 1.4000, the break of which might lead to further upward movement towards 1.4100. The CCI indicator is in the negative zone on the 1 and 4 hour charts, suggesting potential downward pressure.
Technical resistance levels: 1.4000 1.4100 1.4230
Technical support levels: 1.3880 1.3750 1.3590
Trading range: 1.3930 - 1.3865
Sell at 1.3916 SL 1.3946 TP 1.3876
On Friday we made +16 pips profit on EUR/USD from the following signal:
5:43 GMT+1 Sell EUR/USD at 1.3925 SL 1.3951 TP 1.3875 exited at 7:54 GMT
Total on Friday +169, as shown at www.zifx.com/performance.php