Euro/Dollar traded hesitantly on Friday, reaching a bottom at 1.4202, where further bearish movement was limited there and the currency pair ascended to the 1.4334 top, closing the week at 1.4288. After the break of the ascending triangular formation on the 1 hour chart, the European currency dropped back under the formation, but now trades above the lower limit. This may provoke further bullish momentum. We also have a new upward channel which suggests a possible top testing. Expectations are bullish in the short term with objectives towards 1.4350. The CCI indicator has crossed up the 100 line on the 1 hour chart, showing existence of upward pressure towards the 1.4465 resistance. Break above that level may confirm as the end of the bearish scenario and lead to further bullish momentum towards 1.4600.
Technical resistance levels: 1.4350 1.4465 1.4600
Technical support levels: 1.4200 1.4065 1.3950
Buy at 1.4328 SL 1.4298 TP 1.4368
On Friday we made +38 pips profit on EUR/USD from the following signal:
5:35 GMT+1 Buy EUR/USD at 1.4252 SL 1.4226 TP 1.4302 exited at 7:57 GMT
Total on Friday +123, as shown at www.zifx.com/performance.php