In February, Euro/Dollar consolidate after the sharp fall in January and closed the month virtually unchanged, which carries some uncertainty for the further developments. Last week the European currency increased sharply, drilling strong resistances. On the weekly chart a convergence was formed, which carries the risk of further strengthening of the Euro. On the way of the single currency there is a strong resistance in the region of 1.3850 and while the pair remains under it it, it should be able to resume the decline. On the daily chart the EUR/USD established a convergence and sharply increased and a short term prospects for growth remain until the pair is retained above 1.3300. Going back under 1.3450 may provoke a decrease of the Euro. Strengthening above 1.3700 will signal for the growth of the European currency. First resistance is 1.3750, which is 38.6% Fibonacci correction of the 1.2330 - 1.6025 movement, break above which will take the couple towards next short term target 1.3860.
Technical resistance levels: 1.3750 1.3900 1.4150
Technical support levels: 1.3450 1.3320 1.3210
Trading range: 1.3645 - 1.3710
Buy at 1.3659 SL 1.3629 TP 1.3699
Yesterday we made +50 pips profit on EUR/USD from the following signal:
5:45 GMT Buy EUR/USD at 1.3661 SL 1.3635 TP 1.3711 TP reached at 7:23 GMT
Total yesterday +210, as shown at www.zifx.com/performance.php