On Wednesday EUR/USD decreased with 65 pips. The European currency depreciated from 1.3127 to 1.3059 yesterday, not matching the positive money flow sentiment at almost +14%, closing the day at 1.3093. This morning the euro slipped slightly further, reaching down to 1.3044.
On the 1-hour chart quotes are testing the upper limit of the trading range, while on the 3-hour chart wide trading scope has formed. Break above the nearest resistance and yesterday's top at 1.3127 may trigger further strengthening of the euro. Going below today's bottom and first support at 1.3044, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2932.
Today's focus is on EU17 GDP Q3, Germany Manufacturing orders, EU17 ECB meeting announcement and press conference, and US Jobless claims and M2 money supply, at 10, 11, 12:45, 13:30 and 21:30 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 positive and declining, MACD is positive and quiet, while CCI has crossed down the 100 line on the 1-hour chart, giving over all light short signals.
Technical resistance levels: 1.3127 1.3240 1.3364
Technical support levels: 1.3044 1.2932 1.2810
EUR/USD Chart" title="EUR/USD Chart">