Euro Bends As U.S. Jobs Disappointment Fades
Lui Andersen | Apr 07, 2015 02:27AM ET
EUR/USD Open 1.0928 High 1.1036 Low 1.0908 Close 1.0919
On Monday Euro/Dollar decreased with 125 pips. The European currency depreciated from 1.1036 to 1.0908 yesterday, matching the negative money flow sentiment at under -11%, closing the day at 1.0919. This morning the Euro is trading quietly against the Dollar, with movements at the lower end of yesterday's range for now.
On the 1 hour chart the small upward channel has turned into scope trading, while on the 3 hour chart the downward channel is still on hold. Break above the nearest resistance and yesterday's top at 1.1036 may trigger further strengthening of the Euro. Going below yesterday's bottom and first support at 1.0908, however, would confirm continuation of the bearish trend, towards next objective downwards 1.0794.
Quotes are moving below the close 20 and 50 EMA on the 1 hour chart, indicating 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: 1.1036 1.1150 1.1274
Technical support levels: 1.0908 1.0794 1.0670
Last Thursday +50 pips gained on EUR/USD from the following signal:
7:20 GMT+1 Up EUR/USD at 1.0769 Limit 1.0743 Target 1.0819, Target reached at 8:09 GMT+1.
Total last Thursday +154, as shown at the website.
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