Calm EUR/USD After Friday's Slim Recovery

By @ibtimes on

EUR/USD Open 1.3532 High 1.3614 Low 1.3446 Close 1.3520

On Friday Euro/Dollar increased with almost 170 pips. The European currency appreciated from 1.3446 to 1.3614 on Friday, not matching the negative Interbank sentiment projection at under -2%, closing the week at 1.3520. This morning the Euro is trading quietly, and within Friday's range for now. On the 1 hour chart the downward channel has slowed down, while on the 3 hour chart wide range trading has formed. Break above the nearest resistance and Friday's top at 1.3614 may trigger further strengthening of the Euro. Going bellow Friday's bottom and first support at 1.3446, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3328. Today's focus is on EU17 Current account at 9 GMT. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is negative and declining, MACD is positive and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall all neutral to light short signals.
Technical resistance levels: 1.3614 1.3729 1.3850
Technical support levels: 1.3446 1.3328 1.3200

Trading range: 1.3535 - 1.3460
Trend: Downward
Sell at 1.3522 SL 1.3552 TP 1.3472

On Friday we made +50 pips profit on EUR/USD from the following sent to clients only signal:
6:05 GMT Buy EUR/USD at 1.3473 SL 1.3447 TP 1.3523, TP reached at 7:40 GMT+1.
Total on Friday +181, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

Join the Discussion