EUR/USD Slips On ECB Accommodative Policy
ZIFX com | Mar 12, 2014 01:31AM ET
EUR/USD Open 1.3854
High 1.3878
Low 1.3833
Close 1.3857
On Tuesday the EUR/USD decreased insignificantly with 45 pips. The European currency depreciated from 1.3878 to 1.3833 yesterday, matching the negative money flow sentiment at under -12%, closing the day at 1.3857. This morning the euro is trading quietly, with movements within yesterday's range for now.
On the 1 hour chart the upward channel has slowed down, while on the 3 hour chart quotes are testing the upper limit of the wide trading range. Break above the nearest resistance and yesterday's top at 1.3878 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.3833, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3720.
Today's focus is on EMU Industrial production, abd U.S. Federal budget, at 10, and 18 GMT respectively.
Quotes are moving just below the even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and hesitant, MACD is positive and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.3878 1.3990 1.4115
Technical support levels: 1.3833 1.3720 1.3600
Yesterday we made +32 pips profit/loss on the EUR/USD from the following sent to clients only signal:
5:15 GMT Sell EUR/USD at 1.3865 SL 1.3891 TP 1.3815, exit sent at 11:16 GMT.
Total yesterday +102, as shown at our web site.
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