Yesterday Euro/Dollar continued the upward correction. The currency couple made a top at 1.3158 and closed the day at 1.3142. On the 4 hour chart, after reaching the double bottom at 1.2981, the European currency adjusted upwards to 23.7% Fibonacci level, from 1.2888 to 1.3735, and is now near the key 1.3160 resistance level. The longer the Euro stays under 1.3160, the upward rebound can be considered as normal movement and only break above 1.3160 would be a potential violation of descending scenario. Currently there is no clearly defined range of trade. The CCI indicator is in the oversold area and upwards on the daily chart, suggesting a potential increasing pressure.
Technical resistance levels: 1.3035 1.3155 1.3270
Technical support levels: 1.2895 1.2730 1.2605
Trading range: 1.3125 - 1.3190
Buy at 1.3138 SL 1.3108 TP 1.3178
Yesterday we made +6 pips profit on EUR/USD from the following signal:
5:43 GMT+1 Sell EUR/USD at 1.3007 SL 1.3033 TP 1.2957 exited at 5:48 GMT
Total yesterday +106, as shown at www.zifx.com/performance.php