Christopherfx
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On Friday Euro/Dollar recovered significantly in the afternoon with 170 pips, after the morning descent. The European currency appreciated from 1.2287 to 1.2459 on Friday, not matching the negative money flow sentiment at bellow -14%, closing the week at 1.2426. This morning the Euro is trading quietly, with movements at the upper end of Friday's range for now.
On the 1 hour chart the downward channel still looks good, while on the 3 hour chart the downward channel is also intact. Break above the nearest resistance and Friday's top at 1.2459 may trigger further strengthening of the Euro. Going bellow Friday's bottom and first support at 1.2287, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2166.
Today's focus is on EU17 PPI, at 9 GMT.
Quotes are moving in line with the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bearish pressure. The value of the RSI indicator is positive and calm, MACD is negative and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all neutral signals.
ibtimes
On the 1 hour chart the downward channel still looks good, while on the 3 hour chart the downward channel is also intact. Break above the nearest resistance and Friday's top at 1.2459 may trigger further strengthening of the Euro. Going bellow Friday's bottom and first support at 1.2287, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2166.
Today's focus is on EU17 PPI, at 9 GMT.
Quotes are moving in line with the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bearish pressure. The value of the RSI indicator is positive and calm, MACD is negative and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all neutral signals.
ibtimes