EUR/USD 1.3116 - 29 January

EUR/USD Open 1.3148 High 1.3313 Low 1.3085 Close 1.3162

Euro/Dollar renewed it's major downward trend yesterday. The currency couple reached a peak at 1.3313, but further upward impulse was limited, and it started decreasing, closing significantly lower at 1.3162. Signals are neutral for now. On the 1 hour chart we can see that the Euro is moving in a range between 1.3080 and 1.3327, indicating that it is in consolidation phase after the upward correction. Break out of the rectangle will give us a clearer direction of movement and may give a sign for bullish correction towards 1.3480. The previous resistance trend line should now become a support level. Immediate area of support is at 1.3080. Consistent movement ander this level could lead to further bearish momentum. The CCI indicator is in neutral zone on the daily and 1 hour charts.

Technical resistance levels: 1.3315 1. 3425 1.3530

Technical support levels: 1.3080 1.2980 1.2865

Trading range: 1.3130 - 1.3065

Trend: Downward

Sell at 1.3116 SL 1.3146 TP 1.3076

Yesterday we made +50 pips profit on EUR/USD from the following signal:

5:51 GMT Buy EUR/USD at 1.3238 SL 1.3212 TP 1.3288 TP reached at 8:02 GMT

Total yesterday +151, as shown at