Euro Edges Down On U.S. Rate Hike Bets
Lui Andersen | May 26, 2015 12:46AM ET
EUR/USD Open 1.0979 High 1.1010 Low 1.0929 Close 1.0974
On Monday EUR/USD decreased insignificantly with 50 pips. The European currency depreciated from 1.1010 to 1.0958 yesterday, matching the negative money flow sentiment at around -4%, closing the day at 1.0974. This morning the Euro weakened further, reaching 1.0929.
On the 1 hour chart the upward channel is turning into scope trading, while on the 3 hour chart wide trading range has formed. Break above the nearest resistance and yesterday's top at 1.1010 may trigger further strengthening of the Euro. Going below today's bottom and first support at 1.0929, however, would confirm continuation of the bearish trend, towards next objective downwards 1.0815.
Quotes are moving below the parallel 20 and below the 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving over all short signals.
Technical resistance levels: 1.1010 1.1124 1.1250
Technical support levels: 1.0929 1.0815 1.0690
Yesterday +24 pips gained on EUR/USD from the following signal:
5:30 GMT+1 Down EUR/USD at 1.0984 Limit 1.1010 Target 1.0934, exit given at 9:05 GMT+1.
Total yesterday +55, as shown at the website.
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