On Friday Euro/Dollar continued increasing with 70 pips. The European currency appreciated from 1.2921 to 1.2992 on Friday, matching the positive money flow sentiment at almost +18%, closing the week at 1.2950. This morning the Euro dropped on Spanish concerns, slipping down to 1.2890.
On the 1 hour chart range trading has formed, while on the 3 hour chart the upward channel is still on hold. Break above the nearest resistance and Friday's top at 1.2992 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.2890, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2773.
Today's focus is on US NY Fed Empire State manufacturing index, Retail sales, and Business inventories, at 12:30 and 14 GMT respectively.
Quotes are moving just bellow the even 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is neutral and calm, MACD is negative and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.2992 1.3110 1.3233
Technical support levels: 1.2890 1.2773 1.2650
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