Euro Descends On Greek Worries
Lui Andersen | May 11, 2015 12:49AM ET
EUR/USD Open 1.1194 High 1.1276 Low 1.1132 Close 1.1197
On Friday EUR/USD decreased with 95 pips. The European currency depreciated from 1.1276 to 1.1182 yesterday, matching the negative money flow sentiment at below -11%, closing the day at 1.1197. This morning the euro slipped further, reaching 1.1132.
On the 1 hour chart the upward channel is on hold, while on the 3 hour chart the wide range trading has formed. Break above the nearest resistance and Friday's top at 1.1276 may trigger further strengthening of the euro. Going below today's bottom and first support at 1.1132, however, would confirm continuation of the bearish trend, towards next objective downwards 1.1020.
Quotes are moving below the widened 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is neutral and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.1276 1.1390 1.1514
Technical support levels: 1.1132 1.1020 1.0896
Last Friday +38 pips gained on EUR/USD from the following signal:
5:30 GMT+1 Down EUR/USD at 1.1219 Limit 1.1245 Target 1.1169, exit given at 7:21 GMT+1.
Total yesterday +161, as shown at the website.
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