On Monday, the EUR/USD traded within a 35 pip range. The European currency appreciated from 1.2914 to 1.2949 yesterday, matching the positive money flow sentiment at around +11% and closing the day at 1.2925. The Euro descended slightly this morning, dropping to 1.2883.
The downward channel is turning into range trading on the 1 hour chart, while quotes are held within a wide trading range on the 3 hour chart. A break above the nearest resistance and yesterday's top at 1.2949 may trigger further strengthening of the Euro. Going below today's bottom and first support at 1.2883, however, would confirm continuation of the bearish trend towards the next objective downwards of 1.2770.
Today's focus is on German Import prices, France Consumer confidence and U.S.A Consumer confidence at 6, 6:45, and 14 GMT respectively.
Quotes are moving just below the even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm. The MACD is positive and quiet, while the CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.2949 1.3064 1.3190
Technical support levels: 1.2883 1.2770 1.2644
Yesterday we made +23 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:15 GMT+1 Buy EUR/USD at 1.2924 SL 1.2898 TP 1.2974, exit sent at 8:28 GMT+1.
Total yesterday +129, as shown at our web site.
EUR/USD Chart" title="EUR/USD Chart">
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EUR/USD Breaks Below 1.29 This Morning
Published 05/28/2013, 12:31 AM
Updated 01/01/2017, 02:20 AM
EUR/USD Breaks Below 1.29 This Morning
EUR/USD Open 1.2929 High 1.2949 Low 1.2883 Close 1.2925
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