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Euro Weak Even As Yellen Drives Home Message Of Patience

Published 03/31/2015, 12:52 AM
Updated 07/09/2023, 06:32 AM

EUR/USD Open 1.0828 High 1.0896 Low 1.0782 Close 1.0824

On Monday euro/dollar decreased with 85 pips. The European currency depreciated from 1.0896 to 1.0809 yesterday, matching the negative money flow sentiment at under -11%, closing the day at 1.0824. This morning the euro weakened further against the dollar, reaching 1.0782.

On the 1 hour chart the new upward channel is turning into scope trading, while on the 3 hour chart the downward channel is making renewal attempts. Break above the nearest resistance and yesterday's top at 1.0896 may trigger further strengthening of the euro. Going below today's bottom and first support at 1.0782, however, would confirm continuation of the bearish trend, towards next objective downwards 1.0670.

Quotes are moving below the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and declining, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving over all short signals.

Technical resistance levels: 1.0896 1.1010 1.1134
Technical support levels: 1.0782 1.0670 1.0548

Yesterday +38 pips gained on EUR/USD from the following signal:
5:30 GMT+1 Down EUR/USD at 1.0862 Limit 1.0888 Target 1.0812, exit given at 8:14 GMT+1.
Total yesterday +198, as shown at the website.


EUR/USD Hourly Chart

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