On Tuesday Euro/Dollar resumed decreasing significantly with 145 pips. The European currency depreciated from 1.2898 to 1.2753 yesterday, matching the negative money flow sentiment at below -24%, closing the day at 1.2778. This morning the Euro is trading quietly, with movements at the lower end of yesterday's range for now.
On the 1 hour chart the downward channel has renewed, while on the 3 hour chart quotes are testing the lower limit of the wide trading range. Break above the nearest resistance and yesterday's top at 1.2898 may trigger further strengthening of the Euro. Going below yesterday's bottom and first support at 1.2753, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2640.
Today's focus is on Germany CPI and HICP, France and Italy Industrial production, and U.S. Wholesale inventories, at 6, 6:45, 8, and 14 GMT.
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 calm, MACD is negative and quiet too, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all short signals.
Technical resistance levels: 1.2898 1.3010 1.3133
Technical support levels: 1.2753 1.2640 1.2516
Yesterday we made +14 pips profit/loss on EUR/USD from the following sent to clients only signal:
6:36 GMT+1 Buy EUR/USD at 1.2885 SL 1.2859 TP 1.2935, exit sent at 7:54 GMT+1.
Total yesterday +102, as shown at our web site.
EUR/USD Chart" title="EUR/USD Chart">