EUR/USD Holds Losses Above 1.32, But Still Vulnerable
EUR/USD Open 1.3190 High 1.3289 Low 1.3159 Close 1.3187
On Thursday Euro/Dollar continued decreasing with 130 pips. The European currency depreciated from 1.3289 to 1.3159 yesterday, matching the negative money flow sentiment at almost -26%, closing the day at 1.3187. This morning the Euro is trading quietly, with movements at the lower end of yesterday's range for now.
On the 1 hour chart new downward channel is forming, while on the 3 hour chart the upward channel is turning into range trading. Break above the nearest resistance and yesterday's top at 1.3289 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.3159, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3045.
Today's focus is on Germany Gross Domestic Product Q4, Italy CPI and HICP, Germany IFO business climate index, and Italy Consumer confidence, at 7, 9, and 10 GMT respectively.
Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and quiet too, while CCI has crossed down the 100 line on the 1 hour chart, giving over all short signals.
Technical resistance levels: 1.3289 1.3400 1.3524
Technical support levels: 1.3159 1.3045 1.2920
Technical support levels: 1.3159 1.3045 1.2920
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