EUR/USD 1.2607 - 5 March

EUR/USD Open 1.2627 High 1.2664 Low 1.2461 Close 1.2659

The descending channel for the Euro/Dollar on a daily chart is still valid. Its price is holding there for the last 2 months. Trading frame is within 1.2360 - 1.2770. Once again a close relationship between stock markets and forex is noticed. At present the stock market brings the main signals for the the U.S. Dollar movements. Fall in world markets led to the strengthening of the Dollar and vice versa. The basket of the Dollar marked a new 1 year record level of 88 points. A correction is expected in its quotes by around 86 points, which means potential levels of around 1.3170. Short term resistance is seen at 1.2665, followed by 1.2760. Immediate support is represented by the 1.2460 level, followed by 1.2350.

Technical resistance levels: 1.2665 1.2760 1.2910

Technical support levels: 1.2460 1.2350 1.2190

Trading range: 1.2620 - 1.2555

Trend: Downward

Sell at 1.2607 SL 1.2637 TP 1.2567

Yesterday we made +14 pips profit on EUR/USD from the following signal:

5:47 GMT Sell EUR/USD at 1.2499 SL 1.2525 TP 1.2449 exited at 6:03 GMT

Total yesterday +130, as shown at