Louise Posted July 10, 2012 Share Posted July 10, 2012 EUR/USD Open 1.2314 High 1.2324 Low 1.2227 Close 1.2311 On Monday Euro/Dollar increased with almost 100 pips. The European currency appreciated from 1.2227 to 1.2324 yesterday, not matching the negative money flow sentiment at almost -21%, closing the day at 1.2311. This morning the Euro is trading quietly, with movements within yesterday's range for now. On the 1 hour chart new downward channel has formed, while on the 3 hour chart the downward channel has renewed. Break above the nearest resistance and yesterday's top at 1.2324 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.2227, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2110. Today's focus is on France and Italy Industrial production, at 6:45 and 8 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 declining, while CCI has crossed down the 100 line on the 1 hour chart, giving over all short signals. ibtimes Quote Link to comment Share on other sites More sharing options...
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