ZIFX.com EUR/USD Slips On Global Growth Worries

EUR/USD Open 1.2981 High 1.3076 Low 1.2951 Close 1.2983

On Tuesday Euro/Dollar decreased with 125 pips on global growth worries. The European currency depreciated from 1.3076 to 1.2951 yesterday, matching the negative money flow sentiment at bellow -16%, closing the day at 1.2983. This morning the Euro is trading quietly, with movements at the lower end of yesterday's range for now.

On the 1 hour chart small angle wide upward channel is forming, while on the 3 hour chart range trading is emerging. Break above the nearest resistance and yesterday's top at 1.3076 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.2951, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2837.

Today's focus is on Germany and EU17 PMI, Germany IFOs, Italy Consumer confidence, US New home sales, FOMC meeting announcement, and Bernanke press conference, at 7:30, 8, 14, 16:30 and 18:15 GMT respectively.

Quotes are moving just bellow the close 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is positive and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.3083 1.3200 1.3324
Technical support levels: 1.2951 1.2837 1.2710

Yesterday we made +50 pips profit/loss on EUR/USD from the following sent to clients only signal:
8:24 GMT+1 Sell EUR/USD at 1.3030 SL 1.3056 TP 1.2980, TP reached at 13:33 GMT+1.
Total yesterday +138, as shown at our web site.

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