This week it seems there seems to be hesitation whether Euro/Dollar will break up from the triangle to continue the bullish scenario back to 1.3500 or break down the third minor ascending channel and decrease. Yesterday the bullish pressure seemed to control the situation. The third smaller descending channel was broken upwards and the currency couple is expected to continue the increasing scenario. The European currency rose above 1.3120 and is now testing the 1.3195 psychological level. Break above this level may give further ascending signals with targets towards the region of 1.3300. The CCI indicator is about to break down the 100 line on the 1 hour chart, suggesting a potential rebound in descending movement, with testing of the short term support 1.3055 area.
Technical resistance levels: 1.3195 1.3300 1.3430
Technical support levels: 1.3055 1.2970 1.2850
Trading range: 1.3160 - 1.3220
Buy at 1.3170 SL 1.3140 TP 1.3210
Yesterday we made +18 pips profit on EUR/USD from the following signal:
5:45 GMT+1 Sell EUR/USD at 1.3002 SL 1.3028 TP 1.2952 exited at 5:51 GMT
Total yesterday +141, as shown at www.zifx.com/performance.php