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EUR/USD: Still Pressured, Euro Zone GDPs Ahead

Published 05/15/2014, 01:36 AM
Updated 07/09/2023, 06:32 AM
EUR/USD
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EUR/USD

Open 1.3715

High 1.3731

Low 1.3702

Close 1.3712

On Wednesday the EUR/USD traded within narrow almost 30 pip range. The European currency depreciated from 1.3731 to 1.3702 yesterday, matching the negative money flow sentiment at nearly -11%, closing the day at 1.3712. This morning the Euro is trading quietly, with movements within yesterday's range for now.

On the 1 hour chart quotes are testing the lower limit of the trading range, while on the 3 hour chart trading is held within wider trading scope. Break above the nearest resistance and yesterday's top at 1.3731 may trigger further strengthening of the Euro. Going below yesterday's bottom and first support at 1.3702, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3590.

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 positive and hesitant, MACD is negative and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving over all neutral signals.

Technical resistance levels: 1.3731 1.3845 1.3970

Technical support levels: 1.3702 1.3590 1.3466

Yesterday we made +16 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:15 GMT+1 Sell EUR/USD at 1.3718 SL 1.3744 TP 1.3668, exit sent at 9:05 GMT+1.


Total yesterday +117.

EUR/USD Hour Chart

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