EUR/USD Hangs Under 4 Month High

  on September 18 2012 12:43 AM

EUR/USD Open 1.3113 Low 1.3082 High 1.3172 Close 1.3114

On Monday Euro/Dollar traded within 90 pip range. The European currency appreciated from 1.3082 to 1.3172 yesterday, matching the positive money flow sentiment at nearly 23%, closing the day at 1.3114. This morning the Euro is trading quietly, with movements at the lower end of yesterday's range for now.

On the 1 hour chart the upward channel has slowed down, while on the 3 hour chart the upward channel is intact. Break above the nearest resistance and yesterday's top at 1.3172 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3082, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2970.

Today's focus is on Germany ZEW economic expectations index, US Current account, Redbook, and TICS net, at 9, 12:30, 12:55, and 13 GMT respectively.

Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.

Technical resistance levels: 1.3172 1.3286 1.3410 Technical support levels: 1.3082 1.2970 1.2844

Yesterday we made +22 pips profit/loss on EUR/USD from the following sent to clients only signal: 8:45 GMT+1 Sell EUR/USD at 1.3105 SL 1.3131 TP 1.3055, exit sent at 13:12 GMT+1. Total yesterday +82, as shown at http://www.zifx.com/performance-past.php.

EUR/USD

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