Euro Resumes Downtrend After FOMC Minutes
Lui Andersen | Apr 09, 2015 12:46AM ET
EUR/USD Open 1.0782 High 1.0888 Low 1.0759 Close 1.0776
On Wednesday euro/dollar continued decreasing with 125 pips. The European currency depreciated from 1.0888 to 1.0761 yesterday, matching the negative money flow sentiment at below -12%, closing the day at 1.0776. This morning the euro weakened slightly further against the dollar, reaching 1.0759.
On the 1 hour chart the small upward channel has turned into scope trading, while on the 3 hour chart the downward channel is still on hold. Break above the nearest resistance and yesterday's top at 1.0955 may trigger further strengthening of the euro. Going below today's bottom and first support at 1.0759, however, would confirm continuation of the bearish trend, towards next objective downwards 1.0688.
Quotes are moving below the parallel 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and hesitant, MACD is negative and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all short signals.
Technical resistance levels: 1.0955 1.1067 1.1190
Technical support levels: 1.0759 1.0688 1.0764
Yesterday +13 pips gained on EUR/USD from the following signal:
5:30 GMT+1 Down EUR/USD at 1.0848 Limit 1.0874 Target 1.0798, exit given at 7:03 GMT+1.
Total yesterday +108, as shown at the website.
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