EUR/USD Bends Ahead Of Jackson Hole

EUR/USD Open 1.2508 High 1.2564 Low 1.2486 Close 1.2504

On Thursday Euro/Dollar continued decreasing with almost 80 pips. The European currency depreciated from 1.2564 to 1.2486 yesterday, matching the negative money flow sentiment at under -12%, closing the day at 1.2504. This morning the Euro is trading quietly, with movements at the lower half of yesterday's range for now.

On the 1 hour chart the upward channel is on hold, while on the 3 hour chart wide range trading has formed. Break above the nearest resistance and yesterday's top at 1.2564 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.2486, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2370.

Today's focus is on Germany Retail sales, Italy CPI and HICP, EU17 Harmonized CPI and Unemployment, and Italy PPI, at 6, 9, and 10 GMT respectively.

Quotes are moving just bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term slim bearish and medium term bullish pressure. The value of the RSI indicator is neutral and calm, MACD is positive and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving over all neutral signals.

Technical resistance levels: 1.2564 1.2678 1.2800
Technical support levels: 1.2486 1.2370 1.2249

Yesterday we made +6 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:15 GMT+1 Sell EUR/USD at 1.2539 SL 1.2565 TP 1.2489, exit sent at 6:01 GMT+1.
Total yesterday +28, as shown at http://www.zifx.com/performance-past.php.