EUR/USD 1.3338 - 6 December 2010

EUR/USD Open 1.3210 High 1.3450 Low 1.3192 Close 1.3412

On Friday the Euro/Dollar continued increasing significantly with over 250 pips, as expected. The European currency appreciated from 1.3192 to 1.3443 on Friday, matching the positive Interbank sentiment projection at over +20%, closing the week at 1.3412. This morning bulls pushed even further up to 1.3450, after which correction commenced. On the 1 hour chart the downward channel was broken upwards, while on the 3 hour chart quotes are testing the upper limit of the downward channel. Break above the nearest resistance and today's top at 1.3450 may trigger further recovery of the Euro. Going bellow Friday's bottom and first support at 1.3192, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3070. There are no major economic events for EU today. Quotes are moving in line with the 20 and above 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is neutral and declining, MACD is positive and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.3450 1.3566 1.3782
Technical support levels: 1.3192 1.3070 1.2952

Trading range: 1.3325 - 1.3390
Trend: Upward
Buy at 1.3338 SL 1.3308 TP 1.3378

On Friday we made +23 pips profit on EUR/USD from the following signal:
5:31 GMT Buy EUR/USD at 1.3210 SL 1.3184 TP 1.3260, TP reached at 10:06 GMT.
Total on Friday +168, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com