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EUR/USD Descends Further On Strong Dollar

Published 06/24/2013, 12:30 AM
Updated 01/01/2017, 02:20 AM
EUR/USD
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TTEF
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SCOP
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EUR/USD Open 1.3102 High 1.3254 Low 1.3081 Close 1.3117

On Friday, the EUR/USD continued decreasing with 155 pips. The European currency depreciated from 1.3254 to 1.3097 on Friday, matching the negative money flow sentiment at almost -26% and closing the week at 1.3117. The Euro descended slightly further this morning, reaching 1.3081.

A new upward channel is turning into range trading on the 1 hour chart, while wide trading scope has formed on the 3 hour chart. A break above the nearest resistance and Friday's top at 1.3254 may trigger further strengthening of the euro. Going below today's bottom and first support at 1.3081, however, would confirm continuation of the bearish trend towards the next objective downwards of 1.2950.

Today's data focus is on Germany IFO business climate index, Italy Consumer confidence and Non EU trade, all at 8 GMT.

Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm. The MACD is negative and quiet too, while the CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.3254 1.3370 1.3494
Technical support levels: 1.3081 1.2950 1.2826

On Friday we made +50 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:15 GMT+1 Sell EUR/USD at 1.3236 SL 1.3262 TP 1.3186, TP reached at 13:11 GMT+1.
Total on Friday +210, as shown at our web site.


<span class=EUR/USD Chart" title="EUR/USD Chart">

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