EUR/USD In Narrow Range, Where To Next?
EUR/USD Open 1.3345 High 1.3380 Low 1.3320 Close 1.3349
On Monday Euro/Dollar traded within narrow 60 pip range. The European currency appreciated from 1.3394 to 1.3305 yesterday, matching the neutral money flow sentiment at nearly -9%, closing the day at 1.3349. This morning the Euro is trading quietly, with movements within yesterday's range for now.
On the 1 hour chart the upward channel has turned into range trading, while on the 3 hour chart the upward channel is on hold. Break above the nearest resistance and yesterday's top at 1.3380 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3320, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3205.
Today's focus is on Germany ZEW economic expectations index, and US Housing Market Index, at 10 and 23:50 GMT respectively.
Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and quiet too, while CCI is in line with the 100 line on the 1 hour chart, giving over all neutral to light short signals.
Technical resistance levels: 1.3380 1.3493 1.3620
Technical support levels: 1.3320 1.3205 1.3080
Technical support levels: 1.3320 1.3205 1.3080
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