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EUR/USD Hangs In 60 Pip Range

Published 06/05/2013, 12:35 AM
Updated 01/01/2017, 02:20 AM
EUR/USD
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TTEF
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EUR/USD Open 1.3079 High 1.3102 Low 1.3041 Close 1.3077

On Tuesday, the EUR/USD traded within the 60 pip range. The European currency depreciated from 1.3102 to 1.3041 yesterday, not matching the positive money flow sentiment at almost +11% and closing the day at 1.3077. The euro is trading quietly this morning, with movements at the upper half of yesterday's range for now.

Range trading has formed on the 1 hour chart, while quotes are held within wide trading range on the 3 hour chart. A break above the nearest resistance and yesterday's top at 1.3102 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.3041 would confirm continuation of the bearish trend, towards the next objective downwards of 1.2925.

Today's focus is on Italy, France, Germany and EMU PMI, EMU GDP and Retail sales, and U.S. ADP employment, Productivity, Unit labour cost, ISM Non Manufacturing PMI, Factory orders and Fed Beige book, at 7:45, 7:50, 7:55, 8, 9, 12:15, 12:30, 14, and 18 GMT respectively.

Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm. MACD is positive and quiet too, while the CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.3102 1.3220 1.3344
Technical support levels: 1.3041 1.2925 1.2800

Yesterday we made +40 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:15 GMT+1 Buy EUR/USD at 1.3062 SL 1.3036 TP 1.3112, exit sent at 13:05 GMT+1.
Total yesterday +133, as shown at our web site.


<span class=EUR/USD Chart" title="EUR/USD Chart">

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