EUR Weakens, USD Sentiment Favors Interest Rate Outlook
Lui Andersen | Apr 08, 2015 12:56AM ET
EUR/USD Open 1.0820 High 1.0955 Low 1.0801 Close 1.0809
On Tuesday Euro/Dollar decreased with 150 pips. The European currency depreciated from 1.0955 to 1.0801 yesterday, matching the negative money flow sentiment at around -16%, closing the day at 1.0809. This morning the Euro is trading quietly against the Dollar, with movements at the lower half of yesterday's range for now.
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 yesterday's bottom and first support at 1.0801, however, would confirm continuation of the bearish trend, towards next objective downwards 1.0688.
Quotes are moving just below the widened 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is neutral and quiet, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving over all neutral signals.
Technical resistance levels: 1.0955 1.1067 1.1190
Technical support levels: 1.0801 1.0688 1.0764
Yesterday +50 pips gained on EUR/USD from the following signal:
5:30 GMT+1 Up EUR/USD at 1.0769 Limit 1.0743 Target 1.0819, Target reached at 9:16 GMT+1.
Total yesterday +210, as shown at the website.
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