EUR/USD Rises On Positive Euro Zone Data
ZIFX com | May 07, 2014 12:31AM ET
Open 1.3924
High 1.3952
Low 1.3871
Close 1.3926
On Tuesday the EUR/USD increased with 80 pips. The european currency appreciated from 1.3871 to 1.3952 yesterday, matching the positive money flow sentiment at over +21%, closing the day at 1.3926. This morning the euro is trading quietly, with movements at the upper end of yesterday's range for now.
On the 1 hour chart quotes broke up of the trading range, while on the 3 hour chart quotes are testing the upper limit of the wider trading scope. Break above the nearest resistance and yesterday's top at 1.3952 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.3871, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3760.
Today's focus is on Germany Factory orders, France Industrial production, and U.S. Nonfarm productivity, Unit labour cost, and Consumer credit, at 6, 6:45, 12:30, and 19 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 positive and calm, MACD is positive and inclining upwards, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.3952 1.4065 1.4190
Technical support levels: 1.3871 1.3760 1.3636
Yesterday we made +50 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:15 GMT+1 Buy EUR/USD at 1.3880 SL 1.3854 TP 1.3930, TP reached at 8:51 GMT+1.
Total yesterday +204.
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