EUR/USD Steady Above 1.34, G20 Ahead

Daily Forex Technicals | Written by ZIFX.com | Feb 14 13 05:55 GMT

EUR/USD Steady Above 1.34, G20 Ahead

EUR/USD Open 1.3443 High 1.3520 Low 1.3425 Close 1.3445

On Wednesday Euro/Dollar traded within 95 pip range. The European currency depreciated from 1.3520 to 1.3425 yesterday, not matching the positive money flow sentiment at over +14%, closing the day at 1.3445. 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 is turning 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 1.3520 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3425, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3310.

Today's focus is on France, Germany, Italy and EU17 GDP, and US Jobless claims, at 6:30, 7, 9, 10, and 13:30 GMT respectively.

Quotes are moving in line with the 20 and above the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is neutral and calm, MACD is negative and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving over all neutral signals.

Technical resistance levels: 1.3520 1.3633 1.3750
Technical support levels: 1.3425 1.3310 1.3187