EUR/USD At Week High As ECB Looms
ZIFX com | Nov 07, 2013 12:37AM ET
EUR/USD
Open 1.3516
High 1.3548
Low 1.3466
Close 1.3509
On Wednesday EUR/USD decreased with 75 pips. The European currency appreciated from 1.3466 to 1.3548 yesterday, matching the positive money flow sentiment at nearly +14%, closing the day at 1.3509. This morning the euro is trading quietly, with movements at the upper half of yesterday's range for now.
On the 1 hour chart wide quotes are still testing the lower limit of the trading range, while on the 3 hour chart the upward channel is on hold. Break above the nearest resistance and yesterday's top at 1.3466 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.3548, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3435.
Today's focus is on Germany Industrial production, EMU ECB Interest rate decision and press conference, and U.S. Jobless claims, GDP, PCE price index, and Consumer credit, at 11, 12:45, 13:30, and 20 GMT respectively.
Quotes are moving just above the almost even 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and quiet, MACD is negative and inclining upwards, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.3466 1.3580 1.3700
Technical support levels: 1.3548 1.3435 1.3310
Yesterday we made +33 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:15 GMT Buy EUR/USD at 1.3500 SL 1.3474 TP 1.3550, exit sent at 11:01 GMT.
Total yesterday +108.
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