On Monday Euro/Dollar increased with 75 pips. The European currency appreciated from 1.2807 to 1.2882 yesterday, not matching the negative money flow sentiment at almost -18%, closing the day at 1.2865. This morning the Euro is trading quietly, with movements at the upper half of yesterday's range for now.
On the 1 hour chart the downward channel has slowed down, 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 1.2882 may trigger further strengthening of the Euro. Going below yesterday's bottom and first support at 1.2807, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2690.
Today's focus is on U.S. Redbook at 12:55 GMT.
Quotes are moving just above the 20 and below the 50 EMA on the 1 hour chart, indicating short term slim bullish and medium term bearish pressure. The value of the RSI indicator is neutral and calm, MACD is negative and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.2882 1.3000 1.3125
Technical support levels: 1.2807 1.2690 1.2567
Yesterday we made +7 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:15 GMT+1 Sell EUR/USD at 1.2818 SL 1.2844 TP 1.2768, exit sent at 6:04 GMT+1.
Total yesterday +57, as shown at our web site.
EUR/USD Chart" title="EUR/USD Chart">