On Monday Euro/Dollar decreased with 160 pips on continuing Greece and Italy debt woes. The European currency depreciated from 1.3842 to 1.3680 yesterday, not matching the positive Interbank sentiment projection at over +4%, closing the day at 1.3772. This morning the Euro is trading quietly, with movements within yesterday's range for now. On the 1 hour chart range trading has formed, while on the 3 hour chart wider range trading has emerged. Break above the nearest resistance and yesterday's top at 1.3842 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3680, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3565. Today's focus is on Germany Current account and Trade balance, both at 6 GMT. Quotes are moving just bellow the close 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is neutral and rising, MACD is neutral and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall all neutral to light short signals.
Technical resistance levels: 1.3842 1.3960 1.4088
Technical support levels: 1.3680 1.3565 1.3440
Trading range: 1.3760 - 1.3685
Trend: Downward
Sell at 1.3748 SL 1.3778 TP 1.3698
Yesterday we made +33 pips profit on EUR/USD from the following sent to clients only signal:
7:31 GMT Sell EUR/USD at 1.3749 SL 1.3775 TP 1.3699, exit sent at 7:50 GMT+1.
Total yesterday +124, as shown in details at our web site.
EUR/USD Chart">