On Monday, the EUR/USD increased significantly with 150 pips. The European currency appreciated from 1.2954 to 1.3108 yesterday, matching the positive money flow sentiment at above +14% and closing the day at 1.3073. The Euro is trading quietly this morning, with movements at the upper half 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 1.3108 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.2954, however, would confirm continuation of the bearish trend, towards the next objective downwards of 1.2840.
Today's data focus is on EMU PPI, and U.S. Trade Balance and Redbook at 9, 12:30, and 12:55 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 calm. The MACD is positive and quiet too, while the CCI has crossed down the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.3108 1.3220 1.3344
Technical support levels: 1.2954 1.2840 1.2715
Yesterday we made +11 pips profit/loss on EUR/USD from the following sent to clients only signal:
8:53 GMT+1 Buy EUR/USD at 1.3033 SL 1.3007 TP 1.3083, exit sent at 9:07 GMT+1.
Total yesterday +156, as shown at our web site.
EUR/USD Chart" title="EUR/USD Chart">