In January, the descending of the Euro/Dollar resumed and the currency couple returned under 1.2900. Last week the currency pair attempted to rise, but development of the upward movement could not be achieved, and as a result the Euro lowered again. On the weekly chart risk of further decrease remains valid, with targets towards the region of 1.2100. On a daily chart the currency pair formed pincers, thus failed to overcome the resistance at 1.3320, and sharply dropped, still keeping above 1.2300. On four hour chart of EUR/USD broke the strong support in the region of 1.2760, formed a double bottom, which indicates further bearish impetus with short term objectives towards the region of 1.2550. Break under 1.2760 should form decreasing signals. Strengthening above 1.2950 may provoke rise of European currency.
Technical resistance levels: 1.2910 1. 3000 1.3120
Technical support levels: 1.2700 1.2580 1.2465
Trading range: 1.2865 - 1.2805
Sell at 1.2855 SL 1.2885 TP 1.2815
Yesterday we made +30 pips profit on EUR/USD from the following signal:
5:49 GMT Sell EUR/USD at 1.2736 SL 1.2762 TP 1.2686 exited at 6:59 GMT
Total yesterday +160, as shown at www.zifx.com/performance.php