EUR/USD 1.3120 - 23 December 2010

EUR/USD Open 1.3112 High 1.3181 Low 1.3078 Close 1.3098

On Wednesday the Euro/Dollar also decreased, but movements this wee are within 130 pip range. The European currency depreciated from 1.3181 to 1.3078 yesterday, not matching the positive Interbank sentiment projection at over +2%, closing the day at 1.3098. This morning the pair is making recovered efforts, but still within this week's range. On the 1 hour chart new downward channel is forming, while on the 3 hour chart the downward channel is on hold. Break above the nearest resistance and yesterday's top at 1.3181 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.3078, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2967. Today's focus is on France Consumer spending and PPI, both at 7:45 GMT. Quotes have just climbed above the 20 and 50 EMA on the 1 hour chart, indicating bullish impulse. The value of the RSI indicator is positive and inclining upwards, MACD is neutral and calm, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.3181 1.3290 1.3400
Technical support levels: 1.3078 1.2967 1.2852

Trading range: 1.3110 - 1.3170
Trend: Upward
Buy at 1.3120 SL 1.3090 TP 1.3160

Yesterday we made +12 pips profit on EUR/USD from the following signal:
5:32 GMT Sell EUR/USD at 1.3134 SL 1.3160 TP 1.3084, exit sent at 9:19 GMT.
Total yesterday +131, as shown in details at