EUR/USD 1.3347 - 7 December 2010

EUR/USD Open 1.3286 High 1.3450 Low 1.3245 Close 1.3303

On Monday the Euro/Dollar decreased on continuing EU concerns. The European currency depreciated from 1.3450 to 1.3245 yesterday, not matching the positive Interbank sentiment projection at over +14%, closing the day at 1.3303. This morning trading is hesitant and without clear direction for now. On the 1 hour chart trading is going into a wide range, while on the 3 hour chart quotes are testing the upper limit of the downward channel. Break above the nearest resistance and yesterday's top at 1.3450 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.3245, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3130. Today's focus is on Germany Manufacturing orders at 11 GMT. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm, MACD is neutral and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.3450 1.3566 1.3782
Technical support levels: 1.3245 1.3130 1.3012

Trading range: 1.3360 - 1.3295
Trend: Downward
Sell at 1.3347 SL 1.3377 TP 1.3307

Yesterday we made +44 pips profit on EUR/USD from the following signal:
5:40 GMT Buy EUR/USD at 1.3337 SL 1.3311 TP 1.3387, TP reached at 7:49 GMT.
Total yesterday +134, as shown in details at http://www.zifx.com/performance.php.

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