EUR/USD Bellow 1.29 On Weak EU GDPs
ZIFX.com | May 16, 2013 12:31AM ET
On Wednesday, the EUR/USD continued decreasing with 100 pips. The European currency depreciated from 1.2943 to 1.2842 yesterday, matching the negative money flow sentiment at under -16% and closing the day at 1.2878. The euro is trading quietly this morning, with movements at the lower end of yesterday's range for now.
The trading range is widening on the 1 hour chart, while quotes are still held within the wide trading scope on the 3 hour chart. Breaking above the nearest resistance and yesterday's top at 1.2943 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.2842, however, would confirm continuation of the bearish trend, towards the next objective downwards of 1.2727.
Today's data focus is on EMU Trade balance and CPI, U.S. Jobless claims, CPI, Housing starts, Building permits, and Philadelphia Fed index, at 9, 12:30, and 14 GMT respectively.
Quotes are moving just below the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm. MACD is negative and quiet too, while the CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.2943 1.3056 1.3180
Technical support levels: 1.2842 1.2727 1.2600
Yesterday we made +50 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:16 GMT+1 Sell EUR/USD at 1.2935 SL 1.2961 TP 1.2885, TP reached at 8:00 GMT+1.
Total yesterday +189, as shown at our web site.
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