EUR/USD 1.2710 - 27 August 2010

EUR/USD Open 1.2704 High 1.2758 Low 1.2653 Close 1.2715

On Thursday the Euro/Dollar traded slightly upwards, climbing with around 100 pips. The European appreciated from 1.2653 to 1.2758 yesterday, not matching the negative Interbank sentiment projection, at nearly -1%, closing the day at 1.2715. This morning trading is hesitant for now. On the 1 hour chart quotes are still testing the upper limit of the downward channel, while on the 3 hour chart the new downward channel is still forming. Break above the nearest resistance and yesterday's top at 1.2758 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.2653, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2560. Today's focus is on Italy Consumer confidence and EU 16 M3 money supply at 7:30 and 8 GMT respectively. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is negative and quiet, MACD is positive and calm, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.2758 1.2847 1.2950
Technical support levels: 1.2653 1.2560 1.2446

Trading range: 1.2700 - 1.2760
Trend: Upward
Buy at 1.2710 SL 1.2680 TP 1.2750

Yesterday we made +31 pips profit on EUR/USD from the following signal:
5:35 GMT+1 Buy EUR/USD at 1.2712 SL 1.2686 TP 1.2762 exit sent at 8:04 GMT+1.
Total yesterday +112, as shown in details at http://www.zifx.com/performance.php.

EUR/USD