On Thursday Euro/Dollar corrected downward with 75 pips. The European currency depreciated from 1.3129 to 1.3054 yesterday, not matching the positive money flow sentiment at nearly +18%, closing the day at 1.3065. This morning the Euro is trading quietly, with movements at the lower end of yesterday’s range for now. On the 1 hour chart quotes are held within the trading range, while on the 3 hour chart the upward channel is still making renewal attempts. Break above the nearest resistance and yesterday’s top at 1.3129 may trigger further strengthening of the Euro. Going bellow yesterday’s bottom and first support at 1.3054, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2940. Today’s focus is on Germany PPI, EU17 Current account, and USA Existing home sales, at 6, 8, and 14 GMT respectively. |
No comments:
Post a Comment