EUR/USD Slides On Weak Chinese PMI Data
ZIFX.com | Apr 23, 2013 12:35AM ET
On Monday, the EUR/USD decreased with 70 pips. The European currency depreciated from 1.3085 to 1.3014 yesterday, matching the negative money flow sentiment at under -12%, closing the day at 1.3063. The Euro is trading quietly this morning, with movements at the lower half of yesterday's range for now.
The upward channel is turning into range trading on the 1 hour chart, while the downward channel has turned into trading scope on the 3 hour chart. Break above the nearest resistance and yesterday's top at 1.3085 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.3014, would confirm continuation of the bearish trend towards next objective downwards 1.2900.
Today's focus is on France Business confidence and PMI, Germany and EMU PMI, Italy Consumer confidence, and U.S. Redbook and New home sales, at 6:45, 7, 8, 12:55 and 14 GMT respectively.
Quotes are moving bellow the close 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm. MACD is negative and quiet too, while the CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.3085 1.3200 1.3324
Technical support levels: 1.3014 1.2900 1.2776
Yesterday we made +2 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:15 GMT+1 Buy EUR/USD at 1.3073 SL 1.3047 TP 1.3123, exit sent at 5:16 GMT+1.
Total yesterday +48, as shown at our web site.
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