EUR/USD 1.2727 - 24 February

EUR/USD Open 1.2674 High 1.2985 Low 1.2663 Close 1.2693

In February Euro/Dollar consolidate after the sharp fall in January. Last week the currency couple reached the lowest level since November 2008, but development of the downward trend did not continue. On the weekly chart the risk of further decline remains valid till the pair is under 1.3090. On the daily chart the Euro sharply corrected upwards at the end of the week, forming a convergence, which may cause growth correction of the currency pair. On the four hour chart there is a formed descending wedge, which is a figure for upward conversion. Short signals are rising with testing of the 1.3000 resistance. Going back under 1.2650 will form decreasing signals.

Technical resistance levels: 1.3000 1. 3130 1.3255

Technical support levels: 1.2650 1.2540 1.2425

Trading range: 1.2715 - 1.2780

Trend: Upward

Buy at 1.2727 SL 1.2697 TP 1.2767

Yesterday we made +50 pips profit on EUR/USD from the following signal:

5:46 GMT Buy EUR/USD at 1.2885 SL 1.2859 TP 1.2935 TP reached at 6:34 GMT

Total yesterday +149, as shown at