On Friday EUR/USD increased with 90 pips. The European currency appreciated from 1.2996 to 1.3090 on Friday, not matching the negative money flow sentiment at under -17%, closing the week at 1.3067. This morning the euro is trading quietly, and within Friday's range for now.
On the 1-hour chart the upward channel has turned into range trading, while on the 3-hour chart quotes have returned into the wide trading scope. Break above the nearest resistance and Friday's top at 1.3090 may trigger further strengthening of the euro. Going below Friday's bottom and first support at 1.2996, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2884.
Today's focus is on EU17 PPI at 10 GMT.
Quotes are moving below the crossing 20 and 50 EMA on the 1-hour chart, indicating bearish pressure. The value of the RSI indicator is negative and dropping, MACD is positive and declining too, while CCI has thinly crossed down the 100 line on the 1-hour chart, giving over all short signals.
Technical resistance levels: 1.3090 1.3200 1.3322
Technical support levels: 1.2996 1.2884 1.2760
EUR/USD Chart" title="EUR/USD Chart">