On Wednesday EUR/USD traded within 60 pip range. The European currency depreciated from 1.3096 to 1.3036 yesterday, matching the negative money flow sentiment at around -15%, closing the day at 1.3062. This morning the euro is trading quietly, with movements at the lower end of yesterday's range for now.
On the 1-hour chart range trading has formed, while on the 3-hour chart quotes have returned into the wide trading scope. Break above the nearest resistance and yesterday's top at 1.3096 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.3036, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2921.
Today's focus is on France CPI, HICP and Industrial production, EU17 ECB meeting announcement and press conference, US Jobless claims, Wholesale inventories, and M2 money supply, at 7:45, 12:45, 13:30, 15 and 21:30 GMT respectively.
Quotes are moving just below the 20 and 50-EMA on the 1-hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and quiet too, while CCI has crossed down the 100 line on the 1-hour chart, giving over all light short signals.
Technical resistance levels: 1.3096 1.3210 1.3334
Technical support levels: 1.3036 1.2921 1.2800
EUR/USD Chart" title="EUR/USD Chart">
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EUR/USD Mild Ahead Of ECB Rates Decision
Published 01/10/2013, 12:41 AM
Updated 01/01/2017, 02:20 AM
EUR/USD Mild Ahead Of ECB Rates Decision
EUR/USD Open 1.3052 High 1.3096 Low 1.3036 Close 1.3062
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