Yesterday Euro/Dollar continued the downward correction, reaching a bottom at 1.3863, and closing the day higher at 1.3984. This is a normal correction after the considerable bullish momentum last week. We may see further downward correction, but the medium term prospects are ascending, if the currency couple holds above 1.3740. Short term signals, however, are neutral. Immediate support is yesterday's bottom 1.3865, followed by 1.3750. First resistance is 1.4045. Break above this level may cause a further bullish momentum towards 1.4165. The CCI indicator is in the overbought zone and downwards of the daily chart, assuming potential descending pressure.
Technical resistance levels: 1.4045 1.4165 1.4285
Technical support levels: 1.3865 1.3750 1.3690
Trading range: 1.3985 - 1.3925
Sell at 1.3975 SL 1.4005 TP 1.3935
Yesterday we made +46 pips profit on EUR/USD from the following signal:
5:43 GMT+1 Sell EUR/USD at 1.3978 SL 1.4004 TP 1.3928 exited at 7:54 GMT
Total yesterday +172, as shown at www.zifx.com/performance.php