On Friday EUR/USD traded within narrow 70 pip range. The European currency depreciated from 1.3380 to 1.3310 on Friday, not matching the positive money flow sentiment at almost +11%. Closing the week at 1.3324. This morning the euro is trading quietly, with movements at the lower end of Friday's range for now.
On the 1 hour chart the upward channel is turning into range trading, while on the 3 hour chart quotes are holding within wide trading scope. Break above the nearest resistance and Friday's top at 1.3380 may trigger further strengthening of the euro. Going below Friday's bottom and first support at 1.3310, however, would confirm continuation of the bearish trend towards next objective downwards 1.3200.
There are no major economic events for EMU and U.S. today.
Quotes are moving below the 20 and just above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term slim bullish pressure. The value of the RSI indicator is neutral and calm, MACD is positive and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.3380 1.3492 1.3616
Technical support levels: 1.3310 1.3200 1.3078
On Friday we made +21 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:15 GMT+1 Buy EUR/USD at 1.3341 SL 1.3315 TP 1.3391, exit sent at 13:35 GMT+1.
Total on Friday +127.
EUR/USD Chart" title="EUR/USD Chart">