EUR/USD Descends On Discouraging ECB Tender
ZIFX.com | Dec 22, 2011 12:44AM ET
On Wednesday Euro/Dollar decreased with 170 pips on discouraging ECB tender after the morning lift. The European currency depreciated from 1.3198 to 1.3024 yesterday, not matching the positive Interbank sentiment projection at over +10%, closing the day at 1.3045. This morning the Euro is trading quietly, and at the lower end of yesterday's range for now. On the 1 hour chart the downward channel is on hold, while on the 3 hour the downward channel is hanging too. Break above the nearest resistance and yesterday's top at 1.3198 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3024, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2900. Today's focus is on Italy Retail sales at 9 GMT. Quotes are moving just bellow the crossed 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is neutral and inclining upwards, MACD is thinly negative and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall all neutral signals.
Technical resistance levels: 1.3198 1.3319 1.3445
Technical support levels: 1.3024 1.2900 1.2773
Trading range: 1.3030 - 1.3105
Trend: Upward
Buy at 1.3043 SL 1.3013 TP 1.3093
Yesterday we made +50 pips profit on EUR/USD from the following sent to clients only signal:
5:20 GMT Buy EUR/USD at 1.3103 SL 1.3077 TP 1.3153, TP reached at 8:46 GMT+1.
Total yesterday +159, as shown in details at our web site.
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