EUR/USD Steady And In Range Since Thursday
EUR/USD Open 1.3337 High 1.3394 Low 1.3305 Close 1.3360
On Friday Euro/Dollar traded within 85 pip range. The European currency depreciated from 1.3394 to 1.3305 on Friday, matching the negative money flow sentiment at around -16%, closing the week at 1.3360. This morning the Euro is trading quietly, with movements at the lower end of Friday'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 Friday's top at 1.3394 may trigger further strengthening of the Euro. Going bellow Friday's bottom and first support at 1.3305, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3190.
Today's focus is on EMU Current account at 9 GMT.
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 light short signals.
Technical resistance levels: 1.3394 1.3510 1.3632
Technical support levels: 1.3305 1.3190 1.3064
Technical support levels: 1.3305 1.3190 1.3064
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