On Friday Euro/Dollar traded within 110 pip range. The European currency depreciated from 1.3102 to 1.2990 on Friday, matching the negative money flow sentiment at nearly -19%, closing the week at 1.3007. This morning the Euro is trading quietly, with movements at the lower end of Friday's range for now.
On the 1 hour chart the downward channel has slowed down, while on the 3 hour chart quotes are moving within wide trading range. Break above the nearest resistance and Friday's top at 1.3102 may trigger further strengthening of the Euro. Going below Friday's bottom and first support at 1.2990, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2877.
Today's focus is on Italy, France, Germany, and EMU PMI, Italy unemployment, EMU CPI, and U.S. ISM manufacturing PMI and prices, and Construction spending, at 7:45, 7:50, 7:55, 8, 9, and 14 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 neutral and calm, MACD is negative and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.3102 1.3215 1.3340
Technical support levels: 1.2990 1.2877 1.2755
On Friday we made +29 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:15 GMT+1 Sell EUR/USD at 1.3069 SL 1.3095 TP 1.3019, exit sent at 8:15 GMT+1.
Total on Friday +140, as shown at our web site.
EUR/USD Chart" title="EUR/USD Chart">