After dropping to the bottom 1.2689, Euro/Dollar climbed yesterday to the top 1.2800, and continues to trade neutrally. Of the 4 hour chart the formed triangle was broken downwards, suggesting a potential decreasing scenario. However, since Monday we still have not see a clear trend. Although technically we should have bearish trend, it is evident that the market hesitates to leave the currency couple below 1.2670 this week. Short term signals are descending, and consistent movement below 1.2645 will confirm the bearish scenario with targets towards the region of 1.2480. The CCI indicator just went up the 100 line on the 1 hour chart, signaling for potential ascending pressure for the test of the resistance levels 1.2800 and 1.2845.
Technical resistance levels: 1.2800 1.2910 1.3000
Technical support levels: 1.2650 1.2540 1.2425
Trading range: 1.2765 - 1.2700
Sell at 1.2751 SL 1.2781 TP 1.2711
Yesterday we made +40 pips profit on EUR/USD from the following signal:
5:45 GMT Sell EUR/USD at 1.2722 SL 1.2748 TP 1.2672 exited at 6:38 GMT
Total yesterday +150, as shown at www.zifx.com/performance.php