Euro Steadies On China Growth
ZIFX com | Apr 16, 2014 12:57AM ET
EUR/USD Open 1.3816 High 1.3834 Low 1.3788 Close 1.3812
On Tuesday Euro/Dollar traded within narrow 45 pip range. The European currency appreciated from 1.3788 to 1.3834 yesterday, not matching the negative money flow sentiment at around -7%, closing the day at 1.3812. This morning the Euro is trading quietly, with movements within yesterday's range for now.
On the 1 hour chart range trading has formed, while on the 3 hour chart the upward channel has turned into range trading. Break above the nearest resistance and yesterday's top at 1.3834 may trigger further strengthening of the Euro. Going below yesterday's bottom and first support at 1.3788, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3675.
Today's focus is on EMU CPI, and U.S. Housing starts, Building permits, at 10, 12:30, 13:15, and 18 GMT respectively.
Quotes are moving just above the 20 and below the 50 EMA on the 1 hour chart, indicating short term slim bullish and medium term bearish pressure. The value of the RSI indicator is neutral and calm, MACD is negative and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.3834 1.3948 1.4070
Technical support levels: 1.3788 1.3675 1.3550
Yesterday we made +28 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:15 GMT+1 Sell EUR/USD at 1.3818 SL 1.3844 TP 1.3768, exit sent at 13:31 GMT+1.
Total yesterday +95, as shown at our web site.
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