EUR/USD Sank On Euro Zone Concerns

  on

EUR/USD Open 1.2924 High 1.3080 Low 1.2886 Close 1.2939

On Wednesday Euro/Dollar sank on Euro zone concerns. The European currency depreciated from 1.3080 to 1.2910, not matching the positive Interbank sentiment projection at over +11%, closing the day at 1.2939. This morning the Euro weakened even further, dropping down to 1.2886. On the 1 hour chart the downward channel is making renewal attempts, while on the 3 hour the downward channel has resumed. Break above the nearest resistance and yesterday's top at 1.3080 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.2886, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2763. Today's focus is on Italy Business confidence, EU17 M3 money supply, and Germany CPI and HICP, at 9 and 13 GMT respectively. Quotes are moving just bellow the crossed 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is negative and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving overall all light short signals.
Technical resistance levels: 1.3080 1.3200 1.3323
Technical support levels: 1.2886 1.2763 1.2640

Trading range: 1.2945 - 1.2870
Trend: Downward
Sell at 1.2933 SL 1.2963 TP 1.2883

Yesterday we made +14 pips profit on EUR/USD from the following sent to clients only signal:
5:18 GMT Buy EUR/USD at 1.3063 SL 1.3037 TP 1.3113, exit sent at 9:02 GMT+1.
Total yesterday +45, as shown in details at http://www.zifx.com/performance.php.

ZIFX.com

Join the Discussion