EUR/USD Technical Analysis 10 January 2011
10 Jan, 2011 @ 12:57 am BST | written by iFOREX
EUR/USD 1.2909 - 10 January 2011
On Friday the Euro/Dollar continued decreasing significantly with over 120 pips. The European currency depreciated from 1.3021 to 1.2899 on Friday, matching the negative Interbank sentiment projection at nearly -9%, closing the week at 1.2902. This bears pulled the pair even further down to 1.2858. On the 1 hour chart the downward channel is in perfect line, while on the 3 hour chart the downward channel has also resumed. Break above the nearest resistance and Friday's top at 1.3021 may trigger further recovery of the Euro. Going bellow today's bottom and first support at 1.2858, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2748. Today's focus is on France Industrial production at 7:45 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and hesitant, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.3021 1.3233 1.3350
Technical support levels: 1.2858 1.2748 1.2635
Sell at 1.2909 SL 1.2939 TP 1.2869
On Friday we made +33 pips profit on EUR/USD from the following signal:
5:32 GMT Sell EUR/USD at 1.2993 SL 1.3019 TP 1.2943, exit sent at 8:44 GMT.
Total last Friday +99, as shown in details at http://www.zifx.com/performance.php.
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