On Monday Euro/Dollar traded within 70 pip range. The European currency appreciated from 1.3002 to 1.3073 yesterday, not matching the negative money flow sentiment at around -14%, closing the day at 1.3061. This morning the Euro is trading quietly, with movements at the upper end of yesterday's range for now.
On the 1 hour chart the downward channel is on hold, while on the 3 hour chart quotes are moving within wide trading range. Break above the nearest resistance and yesterday's top at 1.3073 may trigger further strengthening of the Euro. Going below yesterday's bottom and first support at 1.3002, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2890.
Today's focus is on EMU PPI, and U.S. Redbook and Factory orders, at 9, 12:55, and 14 GMT respectively.
Quotes are moving just above the crossing 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 negative and quiet, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.3073 1.3195 1.3320
Technical support levels: 1.3002 1.2890 1.2766
Yesterday we made +9 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:15 GMT+1 Sell EUR/USD at 1.3026 SL 1.3052 TP 1.2976, exit sent at 8:09 GMT+1.
Total yesterday +144, as shown at our web site.
EUR/USD Chart" title="EUR/USD Chart">