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EUR Downtrend Pauses, European PMIs Ahead

By ZIFX comForexSep 23, 2014 12:35AM ET
www.investing.com/analysis/eur-downtrend-pauses,-european-pmis-ahead-226728
EUR Downtrend Pauses, European PMIs Ahead
By ZIFX com   |  Sep 23, 2014 12:35AM ET
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EUR/USD Open 1.2848 High 1.2868 Low 1.2815 Close 1.2848

On Monday EUR/USD decreased with 50 pips. The European currency depreciated from 1.2868 to 1.2815 yesterday, not matching the negative money flow sentiment at around -11%, closing the day at 1.2848. This morning the euro is trading quietly, with movements at the upper half of yesterday's range for now.

On the 1 hour chart the downward channel is slowing down, while on the 3 hour chart the downward channel looks good. Break above the nearest resistance and yesterday's top at 1.2868 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.2815, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2700.

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

Technical resistance levels: 1.2868 1.2980 1.3100
Technical support levels: 1.2815 1.2700 1.2577

Yesterday we made +5 pips profit/loss on EUR/USD from the following signal:
5:15 GMT+1 Buy EUR/USD at 1.2862 SL 1.2836 TP 1.2912, exit given at 7:01 GMT+1.
Total yesterday +38, as shown at our web site.


EUR/USD Hour Chart
EUR/USD Hour Chart

EUR Downtrend Pauses, European PMIs Ahead
 

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EUR Downtrend Pauses, European PMIs Ahead

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