Euro Bounces Up, But Dollar Remains Strong
ZIFX com | Sep 10, 2014 12:30AM ET
EUR/USD Open 1.2935 High 1.2958 Low 1.2858 Close 1.2936
On Tuesday EUR/USD increased with 100 pips. The European currency appreciated from 1.2858 to 1.2958 yesterday, matching the negative money flow sentiment at around -6%, closing the day at 1.2936. 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 downward channel has slowed down, while on the 3 hour chart the downward channel looks good. Break above the nearest resistance and yesterday's top at 1.2958 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.2858, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2750.
Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and hesitant, MACD is positive and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.2958 1.3074 1.3200
Technical support levels: 1.2858 1.2750 1.2627
Yesterday we made +11 pips profit/loss on EUR/USD from the following signal:
5:15 GMT+1 Sell EUR/USD at 1.2872 SL 1.2898 TP 1.2822, exit given at 9:01 GMT+1.
Total yesterday +50 pips.
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