EUR/USD 1.3129 - 27 December 2010

EUR/USD Open 1.3077 High 1.3149 Low 1.3071 Close 1.3127

On Friday the Euro/Dollar slightly decreased, but movements this wee are within 60 pip range. The European currency depreciated from 1.3149 to 1.3092 on Friday, not matching the positive Interbank sentiment projection at over +2%, closing the week at 1.3127. This morning bears pulled the pair further down to 1.3071. On the 1 hour chart new downward channel has formed, while on the 3 hour chart the downward channel is on hold. Break above the nearest resistance and Friday's top at 1.3149 may trigger further recovery of the Euro. Going bellow today's bottom and first support at 1.3071, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2967. There are no major economic events for EU today. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is negative and declining, MACD is neutral and calm, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral to light short signals.
Technical resistance levels: 1.3149 1.3260 1.3372
Technical support levels: 1.3071 1.2967 1.2852

Trading range: 1.3140 - 1.3075
Trend: Downward
Sell at 1.3129 SL 1.3159 TP 1.3089

On Thursday we made +31 pips profit on EUR/USD from the following signal:
5:32 GMT Sell EUR/USD at 1.3127 SL 1.3153 TP 1.3077, exit sent at 8:22 GMT.
Total last Thursday +128, as shown in details at