Euro Bounces Down Ahead Of ECB Rates
ZIFX com | May 08, 2014 12:27AM ET
Open 1.3910
High 1.3939
Low 1.3904
Close 1.3909
On Wednesday the EUR/USD traded within narrow 30 pip range. The european currency depreciated from 1.3939 to 1.3908 yesterday, not matching the positive money flow sentiment at nearly +14%, closing the day at 1.3909. This morning the euro slipped slightly further, reaching 1.3904.
On the 1 hour chart new upward channel is emerging, while on the 3 hour chart quotes are testing the upper limit of the wider trading scope. Break above the nearest resistance and yesterday's top at 1.3939 may trigger further strengthening of the euro. Going below today's bottom and first support at 1.3904, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3790.
Today's focus is on Germany Industrial production, ECB Interest rate decision and press conference, and U.S. Jobless claim, at 6, 11:45, and 12:30 GMT respectively.
Quotes are moving just above the close 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is neutral and hesitant, MACD is positive and calm, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.3939 1.4052 1.4177
Technical support levels: 1.3904 1.3790 1.3667
Yesterday we made +15 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:15 GMT+1 Buy EUR/USD at 1.3924 SL 1.3898 TP 1.3974, exit sent at 13:20 GMT+1.
Total yesterday +51, as shown at our web site.
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