On Wednesday, the EUR/USD increased with 75 pips. The European currency appreciated from 1.3160 to 1.3243 yesterday, matching the positive money flow sentiment at almost +23%, closing the day at 1.3176. The euro is trading quietly this morning, with movements at the lower end of yesterday's range for now.
The upward channel is making renewal attempts on the 1 hour chart, while the downward channel has turned into trading scope on the 3 hour chart. A break above the nearest resistance and yesterday's top at 1.3243 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.3160, however, would confirm continuation of the bearish trend, towards the next objective downwards of 1.3044.
Today's data focus is on Italy, France, Germany and EMU PMI, Italy PPI, ECB meeting announcement and press conference, U.S. Jobless claims, Trade Balance, Productivity and Unit labour cost, at 7:45, 7:50, 7:55, 8, 11:45 and 12:30 GMT respectively.
Quotes are moving just below the 20 and above the 50 EMA on the 1 hour chart, indicating short term slim bearish and medium term bullish pressure. The value of the RSI indicator is neutral and calm and the MACD is quiet. The CCI has crossed down the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.3243 1.3360 1.3483
Technical support levels: 1.3160 1.3044 1.2920
Yesterday we made +50 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:14 GMT+1 Buy EUR/USD at 1.3159 SL 1.3133 TP 1.3209, TP reached at 12:06 GMT+1.
Total yesterday +201, as shown at our web site.
EUR/USD Chart" title="EUR/USD Chart">