EUR/USD Open 1.0544 High 1.0718 Low 1.0491 Close 1.0542
On Wednesday Euro/Dollar decreased strongly with 210 pips. The European currency depreciated from 1.0718 to 1.0509 yesterday, matching the negative money flow sentiment at below -16%, closing the day at 1.0542. This morning the Euro continued weakening down to 1.0491.
On the 1 hour chart the downward channel has accelerated, while on the 3 hour chart the downward channel looks good. Break above the nearest resistance and yesterday's top at 1.0718 may trigger further strengthening of the Euro. Going below today's bottom and first support at 1.0491, however, would confirm continuation of the bearish trend, towards next objective downwards 1.0380.
Quotes are moving below the parallel 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and hesitant, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving over all short signals.
Technical resistance levels: 1.0718 1.0830 1.0954
Technical support levels: 1.0491 1.0380 1.0256
Yesterday +50 pips gained on EUR/USD from the following signal:
5:30 GMT Down EUR/USD at 1.0689 Limit 1.0715 Target 1.0639, Target reached at 9:16 GMT.
Total yesterday +187, as shown at the website.