EUR/USD Swings As Data Gives Mixed Signals
ZIFX com | Aug 16, 2013 12:37AM ET
On Thursday Euro/Dollar traded within wider 160 pip range. The European currency appreciated from 1.3204 to 1.3364 yesterday, matching the positive money flow sentiment at above +19%, closing the day at 1.3344. This morning the Euro is trading quietly, with movements at the upper end of yesterday's range for now.
On the 1 hour chart the upward channel is turning into range trading, while on the 3 hour chart quotes are moving within wide trading scope. Break above the nearest resistance and yesterday's top at 1.3364 may trigger further strengthening of the Euro. Going below yesterday's bottom and first support at 1.3204, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3090.
Today's focus is on EMU Current account, Trade balance, and U.S. Housing starts, Building permits, Nonfarm Productivity, Unit labour cost, and Michigan sentiment index, at 8, 9, 12:30, and 13:55 GMT respectively.
Quotes are moving above the twisted 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and calm, MACD is neutral and inclining upwards, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.3364 1.3480 1.3600
Technical support levels: 1.3204 1.3090 1.2968
Yesterday we made +11 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:15 GMT+1 Buy EUR/USD at 1.3289 SL 1.3263 TP 1.3339, exit sent at 12:59 GMT+1.
Total yesterday +88, as shown at our web site.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.