On Wednesday, the EUR/USD traded almost within the 70 pip range. The European currency appreciated from 1.3051 to 1.3119 yesterday, matching the positive money flow sentiment at around +14% and closing the day at 1.3088. The Euro is trading quietly this morning, with movements at the upper end 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 1.3119 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.3051, however, would confirm continuation of the bearish trend towards the next objective downwards of 1.2937.
Today's data focus is on German Factory orders, ECB Interest Rate Decision and press conference and U.S. Jobless claims, at 10, 11:45, and 12:30 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 inclining upwards. The MACD is positive and quiet, while the CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.3119 1.3233 1.3360
Technical support levels: 1.3051 1.2937 1.2812
Yesterday we made +20 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:15 GMT+1 Buy EUR/USD at 1.3088 SL 1.3062 TP 1.3138, exit sent at 7:33 GMT+1.
Total yesterday +166, as shown at our web site.
EUR/USD Chart" title="EUR/USD Chart">