EUR/USD Lifts Ahead Of Jackson Hole

On Tuesday Euro/Dollar increased with 110 pips ahead of Jackson Hole meeting. The European currency appreciated from 1.2464 to 1.2577 yesterday, matching the positive money flow sentiment at around +18%, closing the day at 1.2563. This morning the Euro is trading quietly, with movements at the upper end of yesterday's range for now.

On the 1 hour chart the upward channel is making renewal attempts, while on the 3 hour chart wide range trading has formed. Break above the nearest resistance and yesterday's top at 1.2577 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.2464, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2350.

Today's focus is on France Business confidence, Italy Retail sales, and Germany CPI and HICP, at 6:45, 8, and 12 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 quiet too, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.

Technical resistance levels: 1.2577 1.2690 1.2814 Technical support levels: 1.2464 1.2350 1.2226

Yesterday we made +9 pips profit/loss on EUR/USD from the following sent to clients only signal: 8:56 GMT+1 Sell EUR/USD at 1.2510 SL 1.2536 TP 1.2460, exit sent at 9:05 GMT+1. Total yesterday +65, as shown at http://www.zifx.com/performance-past.php.