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EUR Relieved On Hopes For German Recovery

Published 09/24/2014, 12:32 AM
Updated 07/09/2023, 06:32 AM

EUR/USD Open 1.2847 High 1.2902 Low 1.2838 Close 1.2845

On Tuesday EUR/USD increased with 60 pips. The European currency appreciated from 1.2842 to 1.2902 yesterday, not matching the negative money flow sentiment at nearly -5%, closing the day at 1.2845. This morning the euro lost yesterday's gains, dropping to 1.2838.

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 1.2902 may trigger further strengthening of the euro. Going below today's bottom and first support at 1.2838, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2722.

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

Technical resistance levels: 1.2902 1.3016 1.3140
Technical support levels: 1.2838 1.2722 1.2600

Yesterday we made +7 pips profit/loss on EUR/USD from the following signal:
5:15 GMT+1 Sell EUR/USD at 1.2850 SL 1.2876 TP 1.2800, exit given at 7:26 GMT+1.
Total yesterday +105 pips.


EUR/USD Hour Chart

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