EUR/USD Off Heights Ahead Of Portugal Debt Sale

EUR/USD Open 1.2745 High 1.2808 Low 1.2662 Close 1.2734

On Tuesday Euro/Dollar continued increasing with almost 150 pips. The European currency appreciated from 1.2662 to 1.2808 yesterday, not matching the negative Interbank sentiment projection at nearly -10%, closing the day at 1.2734. This morning the Euro corrects ahead of Portugal debt sale. On the 1 hour chart the downward channel is on hold, while on the 3 hour chart quotes are testing the upper limit of the downward channel. Break above the nearest resistance and yesterday's top at 1.2808 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.2662, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2550. There are no major economic events for EU today. Quotes are moving just above the twisted 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and declining, MACD is positive and calm, while CCI has crossed up the 100 line on the 1 hour chart, giving overall all light long signals.
Technical resistance levels: 1.2808 1.2920 1.3044
Technical support levels: 1.2662 1.2550 1.2426

Trading range: 1.2750 - 1.2825
Trend: Upward
Buy at 1.2763 SL 1.2733 TP 1.2813

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Yesterday we made +50 pips profit on EUR/USD from the following sent to clients only signal:
5:20 GMT Buy EUR/USD at 1.2724 SL 1.2698 TP 1.2774, TP reached at 9:45 GMT+1.
Total yesterday +133, as shown in details at http://www.zifx.com/performance.php.

Source: http://www.ibtimes.com/articles/283391/20120118/eur-usd-off-heights-ahead-portugal-debt-sale.htm

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