Euro Firms As ECB Rates Decision Looms
ZIFX com | Sep 04, 2014 12:30AM ET
On Wednesday the EUR/USD continued trading within narrow almost 40 pip range. The European currency appreciated from 1.3121 to 1.3160 yesterday, not matching the negative money flow sentiment at around -5%, closing the day at 1.3131. This morning the euro is trading quietly, with movements at the upper half of yesterday's range for now.
On the 1 hour chart the downward channel is slowing down, while on the 3 hour chart the downward channel looks good. Break above the nearest resistance and yesterday's top at 1.3160 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.3109, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2995.
Quotes are moving above the crossing and close 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and hesitant, MACD is negative 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: 1.3160 1.3250 1.3374
Technical support levels: 1.3121 1.2995 1.2870
Yesterday we made +2 pips profit/loss on EUR/USD from the following signal:
5:15 GMT+1 Sell EUR/USD at 1.3126 SL 1.3152 TP 1.3076, exit given at 5:16 GMT+1.
Total yesterday +54 pips
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