EUR/USD Technical Analysis 3 December 2010

By @ibtimes on

EUR/USD 1.3207 - 3 December 2010
EUR/USD Open 1.3210 High 1.3248 Low 1.3058 Close 1.3202

On Thursday the Euro/Dollar continued increasing significantly with around 190 pips. The European currency appreciated from 1.3058 to 1.3248 yesterday, not matching the negative Interbank sentiment projection at over -17%, closing the day at 1.3202. This morning movements are hesitant and without clear direction for now. On the 1 hour chart the downward channel quotes are testing the upper limit of the downward channel, while on the 3 hour chart the downward channel looks fine. Break above the nearest resistance and yesterday's top at 1.3248 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.3058, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2952. Today's focus is on Italy, France, Germany and EU 16 PMI services, and EU 16 Retail sales, at 8:45, 8:50, 8:55, 9 and 10 GMT respectively. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.3248 1.3360 1.3473
Technical support levels: 1.3058 1.2952 1.2840

Trading range: 1.3195 - 1.3260
Trend: Upward
Buy at 1.3207 SL 1.3177 TP 1.3247

Yesterday we made +32 pips profit on EUR/USD from the following signal:
6:43 GMT Buy EUR/USD at 1.3136 SL 1.3110 TP 1.3186, exit sent at 7:51 GMT.
Total yesterday +101, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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