ZIFX.com EUR/USD Up On Obama Heading In Election
November 7, 2012 9:29 PM EST
EUR/USD Open 1.2804 High 1.2875 Low 1.2762 Close 1.2812
On Tuesday Euro/Dollar continued decreasing with 80 pips. The European currency depreciated from 1.2842 to 1.2762 yesterday, matching the negative money flow sentiment at under -18%, closing the day at 1.2812. This morning the Euro jumped up, ascending to 1.2875.
On the 1 hour chart quotes quotes have returned into the trading range, while on the 3 hour chart the upward channel is turning into wide range trading. Break above the nearest resistance and today's top at 1.2875 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.2762, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2650.
Today's focus is on EU17 Retail sales, Germany Industrial production, and US Consumer credit, at 9, 10, and 20 GMT respectively.
Quotes are moving above the 20 and just bellow the 50 EMA on the 1 hour chart, indicating short term bullish and medium term bearish pressure. The value of the RSI indicator is positive and rising, MACD is negative and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.
Technical resistance levels: 1.2875 1.2990 1.3112
Technical support levels: 1.2762 1.2650 1.2530
Yesterday we made +19 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:16 GMT Sell EUR/USD at 1.2788 SL 1.2814 TP 1.2738, exit sent at 7:27 GMT.
Total yesterday +75, as shown at our web site.
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