EUR Steadies As Investors Await Fed Report
ZIFX com | Sep 17, 2014 12:28AM ET
EUR/USD Open 1.2949 High 1.2996 Low 1.2921 Close 1.2958
On Tuesday EUR/USD increased with 75 pips. The European currency appreciated from 1.2921 to 1.2996 yesterday, not matching the negative money flow sentiment at under -7%, closing the day at 1.2958. This morning the euro is trading quietly, with movements at the lower half of yesterday's range for now.
On the 1 hour chart the downward channel is on hold, while on the 3 hour chart the downward channel has slowed down. Break above the nearest resistance and yesterday's top at 1.2996 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.2921, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2810.
Quotes are moving in just below the 20 and just the 50 EMA on the 1 hour chart, indicating short term slim bearish and medium term bullish pressure. The value of the RSI indicator is neutral and hesitant, MACD is thinly positive and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.2996 1.3110 1.3233
Technical support levels: 1.2921 1.2810 1.2686
Yesterday we made +22 pips profit/loss on EUR/USD from the following signal:
8:23 GMT+1 Sell EUR/USD at 1.2943 SL 1.2969 TP 1.2893, exit given at 7:52 GMT+1.
Total yesterday +119 pips.
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