Euro Underperforms During Quiet Holiday Trade
ZIFX com | Apr 22, 2014 12:34AM ET
Open 1.3790 High 1.3831 Low 1.3786 Close 1.3791
On Monday EUR/USD decreased insignificantly with 45 pips. The European currency depreciated from 1.3831 to 1.3786 yesterday, matching the negative money flow sentiment at under -9%, closing the day at 1.3791. This morning the euro is trading quietly, with movements at the lower end of 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 1.3831 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.3786, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3672.
Today's focus is on U.S. Redbook and Existing home sales, at 12:55 and 14 GMT respectively.
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 thinly negative and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.3831 1.3945 1.4070
Technical support levels: 1.3786 1.3672 1.3550
Last Thursday we made +9 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:15 GMT+1 Buy EUR/USD at 1.3843 SL 1.3817 TP 1.3893, exit sent at 9:53 GMT+1.
Total last Thursday +69.
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