Yesterday Euro/Dollar made an upward corrective movement. It reached a bottom at 1.3444 and closed at 1.3642. Those levels were adopted as an overbought zone and traders raised the price to 1.3730, creating good conditions for intraday trading. The bearish model however remains in force, supported by the descending triangular formations on the hour and one hour charts. Targets are 1.3355 and 1.3220. A prerequisite for achieving them will be the break of the 1.3400 level. Yesterday's daily candle and the current developments on the market suggest interest in buying of Euro. Traditionally the last 3 days of the week are fundamental for the weekly trend. The CCI indicator crossed up the 100 line on the four hour chart, indicating upwards pressure. Immediate resistance is yesterday's top at 1.3730.
Technical resistance levels: 1.3730 1.3810 1.3925
Technical support levels: 1.3355 1.3220 1.3110
Trading range: 1.3595 - 1.3660
Buy at 1.3607 SL 1.3577 TP 1.3647
Yesterday we made +50 pips profit on EUR/USD from the following signal:
5:49 GMT Sell EUR/USD at 1.3522 SL 1.3548 TP 1.3472 TP reached at 7:04 GMT
Total yesterday +149, as shown at www.zifx.com/performance.php