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EUR/USD Stabilizes, Recovering To C1.29

Published 05/21/2013, 12:30 AM
Updated 01/01/2017, 02:20 AM
EUR/USD Open 1.2893 High 1.2905 Low 1.2818 Close 1.2880

On Monday, the EUR/USDincreased with 85 pips. The European currency appreciated from 1.2818 to 1.2905 yesterday, matching the positive money flow sentiment at nearly +11% and closing the day at 1.2880. The Euro is trading quietly this morning, with movements at the upper end of yesterday's range for now.

The downward channel has slowed down on the 1 hour chart, while quotes are still held within the wide trading range on the 3 hour chart. A break above the nearest resistance and yesterday's top at 1.2905 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.2818, however, would confirm continuation of the bearish trend, towards the next objective downwards of 1.2700.

Today's data focus is on the German PPI and the U.S.A Redbook, at 6 and 12:30 GMT respectively.

Quotes are moving just above the crossing 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and quiet. The MACD is positive and inclining upwards, while the CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.2905 1.3018 1.3140
Technical support levels: 1.2818 1.2700 1.2577

Yesterday we made +24 pips profit/loss on EUR/USD from the following sent to clients only signal:
8:34 GMT+1 Sell EUR/USD at 1.2867 SL 1.2893 TP 1.2817, exit sent at 13:21 GMT+1.
Total yesterday +64, as shown at our web site.


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

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