On Monday, the EUR/USD decreased with 90 pips. The European currency depreciated from 1.3141 to 1.3052 yesterday, not matching the positive money flow sentiment at almost +11% and closing the day at 1.3074. The euro is trading quietly this morning, with movements at the lower half of yesterday's range for now.
Quotes are back into the range trading on the 1 hour chart, while the downward channel has turned into wide trading scope on the 3 hour chart. Breaking above the nearest resistance and yesterday's top at 1.3141 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.3052, would confirm continuation of the bearish trend, towards the next objective downwards of 1.2940.
Today's data focus is on France Industrial production, German Manufacturing orders, and U.S. Redbook and Consumer credit, at 6:45, 10, 12:55 and 19 GMT respectively.
Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim 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 light short signals.
Technical resistance levels: 1.3141 1.3255 1.3380
Technical support levels: 1.3052 1.2940 1.2814
Yesterday we made +5 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:15 GMT+1 Buy EUR/USD at 1.3119 SL 1.3093 TP 1.3169, exit sent at 7:04 GMT+1.
Total yesterday +58, as shown at our web site.
EUR/USD Chart" title="EUR/USD Chart">