On Tuesday EUR/USD decreased with 130 pips. The European currency depreciated from 1.3394 to 1.3260 yesterday, matching the negative money flow sentiment at below -16%, closing the day at 1.3303. This morning the euro is trading quietly, with movements at the lower end of yesterday's range for now.
On the 1-hour chart quotes broke up the trading range, while on the 3-hour chart wide upward channel has formed. Break above the nearest resistance and yesterday's top at 1.3394 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.3260, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3144.
Today's focus is on EU17 Harmonized CPI, US CPI, TICS, Industrial production, Capacity utilisation, and Fed Beige book , at 10, 13:30, 14, 14:15 and 19 GMT respectively.
Quotes are moving just below the 20 and above the 50 EMA on the 1-hour chart, indicating short-term slim bearish and medium-term bullish pressure. The value of the RSI indicator is neutral and calm, MACD is positive and quiet, while CCI has crossed down the 100 line on the 1-hour chart, giving over all neutral signals.
Technical resistance levels: 1.3394 1.3510 1.3635
Technical support levels: 1.3260 1.3144 1.3020
EUR/USD Chart" title="EUR/USD Chart">
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EUR/USD Slips Further, Going Under 1.33
Published 01/16/2013, 02:00 AM
Updated 01/01/2017, 02:20 AM
EUR/USD Slips Further, Going Under 1.33
EUR/USD Open 1.3307 High 1.3394 Low 1.3260 Close 1.3303
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