EUR/USD Soft Ahead Of U.S. Jobs Data
ZIFX com | Oct 22, 2013 12:35AM ET
EUR/USD
Open 1.3674
High 1.3690
Low 1.3650
Close 1.3676
On Monday EUR/USD decreased insignificantly with 40 pips. The european currency depreciated from 1.3690 to 1.3650 yesterday, matching the negative money flow sentiment at around -11%, closing the day at 1.3676. This morning the euro is trading quietly, with movements at the lower half of yesterday's range for now.
On the 1 hour chart the upward channel has resumed, while on the 3 hour chart the upward channel looks good. Break above the nearest resistance and yesterday's top at 1.3690 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.3650, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3537.
Today's focus is on U.S. Nonfarm payrolls, Unemployment rate, Average hourly and weekly earnings, and Redbook, at 12:30 and 12:55 GMT respectively.
Quotes are moving below the 20 and in line with the 50 EMA on the 1 hour chart, indicating short term bearish and medium term neutral pressure. The value of the RSI indicator is negative and calm, 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: 1.3690 1.3804 1.3930
Technical support levels: 1.3650 1.3537 1.3414
Yesterday we made +14 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:15 GMT+1 Buy EUR/USD at 1.3673 SL 1.3647 TP 1.3723, exit sent at 7:35 GMT+1.
Total yesterday +49.
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