EUR/USD In Range Since Last Thursday
ZIFX.com | Jul 15, 2013 12:40AM ET
On Friday Euro/Dollar traded within 190 pip range. The European currency depreciated from 1.3101 to 1.2908 on Friday, not matching the positive money flow sentiment at around +12%, closing the week at 1.3063. This morning the Euro is trading quietly, with movements within Friday's range for now.
On the 1 hour chart the downward channel has turned into range trading, while on the 3 hour chart quotes have returned into the wide trading range. Break above the nearest resistance and Friday's top at 1.3101 may trigger further strengthening of the Euro. Going below Friday's bottom and first support at 1.2908, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2795.
Today's focus is on U.S. NY Empire State manufacturing, Retail sales, and Business inventories, at 12:30 and 14 GMT respectively.
Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is thinly positive and calm, MACD is positive and quiet too, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.3101 1.3214 1.3340
Technical support levels: 1.2908 1.2795 1.2670
On Friday we made +37 pips profit/loss on EUR/USD from the following sent to clients only signal:
8:42 GMT+1 Sell EUR/USD at 1.3058 SL 1.3084 TP 1.3008, exit sent at 12:50 GMT+1.
Total on Friday +139, as shown at our web site.
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