EUR/USD Lifts On ECB Action Hopes

EUR/USD Open 1.2286 High 1.2317 Low 1.2240 Close 1.2286

On Friday Euro/Dollar traded within 75 pip range. The European currency appreciated from 1.2240 to 1.2317 on Friday, not matching the negative money flow sentiment at nearly -14%, closing the week at 1.2286. This morning the Euro is trading quietly, with movements at the upper half of Friday's range for now.

On the 1 hour chart small angle wide upward channel has formed, while on the 3 hour chart the downward channel has slowed down. Break above the nearest resistance and Friday's top at 1.2317 may trigger further strengthening of the Euro. Going bellow Friday's bottom and first support at 1.2240, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2124.

There are no major economic events for EU today.

Quotes are moving just bellow the even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is positive and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all neutral signals.

Technical resistance levels: 1.2317 1.2440 1.2564
Technical support levels: 1.2240 1.2124 1.2000

On Friday we made +35 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:18 GMT+1 Sell EUR/USD at 1.2295 SL 1.2321 TP 1.2245, exit sent at 8:29 GMT+1.
Total on Friday +135, as shown at http://www.zifx.com/performance.php.