Yesterday Euro/Dollar could not continue the downward movement. The currency couple made a decreasing attempt, reaching a bottom at 1.2804, but further bearish scenario was rejected, as the Euro rose to the top 1.3049, and closed at 1.3041. Signals are neutral for now, but the long term decreasing scenario is still valid. On the 1 hour chart we still have formed a descending channel, and only a break up can be considered as a potential violation of bearish scenario. There is a strong resistance in the region of 1.3050 which is also a double top. Break above this level may cause a further correction towards 1.3180. Immediate support is represented by the 1.2805 level, the break of which will lead to further decreasing momentum with goals towards the region of 1.2680. The CCI indicator is in the oversold area and upwards on the daily chart, indicating potential increasing pressure.
Technical resistance levels: 1.2910 1. 3000 1.3120
Technical support levels: 1.2805 1.2680 1.2565
Trading range: 1.3005 - 1.3065
Buy at 1.3015 SL 1.2985 TP 1.3055
Yesterday we made +31 pips profit on EUR/USD from the following signal:
5:48 GMT Sell EUR/USD at 1.2852 SL 1.2878 TP 1.2802 exited at 6:53 GMT
Total yesterday +107, as shown at www.zifx.com/performance.php