EUR/USD Technical Analysis 30 December 2010

By @ibtimes on

EUR/USD 1.3231 - 30 December 2010
EUR/USD Open 1.3220 High 1.3260 Low 1.3082 Close 1.3224

On Wednesday the Euro/Dollar increased significantly with nearly 160 pips, continuing the up and down holidays pattern. The European currency appreciated from 1.3082 to 1.3240 yesterday, not matching the negative Interbank sentiment projection at around -13%, closing the day at 1.3224. This morning bulls pushed the pair even further up to 1.3260. On the 1 hour chart trading is within wide range, while on the 3 hour chart the downward channel is on hold. Break above the nearest resistance and today's top at 1.3260 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.3082, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2967. Today's focus is on Italy Business confidence and PPI, at 8:30 and 9 GMT respectively. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and quiet too, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.3260 1.3377 1.3500
Technical support levels: 1.3082 1.2967 1.2852

Trading range: 1.3220 - 1.3285
Trend: Upward
Buy at 1.3231 SL 1.3201 TP 1.3271

Yesterday we made +13 pips profit on EUR/USD from the following signal:
7:13 GMT Buy EUR/USD at 1.3144 SL 1.3118 TP 1.3194, exit sent at 7:31 GMT.
Total yesterday +101, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

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