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EUR Pauses Declining Ahead Of FOMC Meeting

Published 09/16/2014, 12:29 AM
Updated 07/09/2023, 06:32 AM
EUR/USD
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EUR/USD Open 1.2937 High 1.2977 Low 1.2908 Close 1.2938

On Monday EUR/USD decreased with almost 70 pips. The European currency depreciated from 1.2977 to 1.2908 yesterday, matching the negative money flow sentiment at nearly -14%, closing the day at 1.2938. This morning the euro is trading quietly, with movements at the lower half of yesterday's range for now.

On the 1 hour chart the downward channel is on hold, while on the 3 hour chart the downward channel has slowed down. Break above the nearest resistance and yesterday's top at 1.2977 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.2908, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2795.

Quotes are moving in line with the 20 and just above the 50 EMA on the 1 hour chart, indicating short term neutral and medium term slim bullish pressure. The value of the RSI indicator is neutral and hesitant, MACD is neutral and quiet, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving over all neutral signals.

Technical resistance levels: 1.2977 1.3090 1.3214
Technical support levels: 1.2908 1.2795 1.2670

Yesterday we made +31 pips profit/loss on EUR/USD from the following signal:
8:23 GMT+1 Sell EUR/USD at 1.2939 SL 1.2965 TP 1.2889, exit given at 13:15 GMT+1.
Total yesterday +80 pips.


EUR/USD Hour Chart

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