EUR/USD 1.3225 - 8 December 2010

EUR/USD Open 1.3246 High 1.3400 Low 1.3213 Close 1.3258

After initial increase, on Tuesday the Euro/Dollar started weakening on continuing Euro crises. The European currency appreciated from 1.3235 to 1.3400 yesterday, matching the positive Interbank sentiment projection at over +13%, than commenced descending, closing the day at 1.3258. This morning bears pulled the pair further down to 1.3213. On the 1 hour chart trading is within a wide range, while on the 3 hour chart the downward channel is making renewal efforts. Break above the nearest resistance and yesterday's top at 1.3400 may trigger further recovery of the Euro. Going bellow today's bottom and first support at 1.3213, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3100. Today's focus is on Germany Current account, Trade balance and Industrial production, at 7 and 11 GMT respectively. Quotes are moving below the even 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and quiet too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.3400 1.3515 1.3633
Technical support levels: 1.3213 1.3100 1.2987

Trading range: 1.3235 - 1.3175
Trend: Downward
Sell at 1.3225 SL 1.3255 TP 1.3185

Yesterday we made +28 pips profit on EUR/USD from the following signal:
5:36 GMT Sell EUR/USD at 1.3340 SL 1.3366 TP 1.3290, exit sent at 6:28 GMT.
Total yesterday +106, as shown in details at