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EUR/USD Descends On U.S. Debt Deal Hopes

EUR/USD Descends On U.S. Debt Deal Hopes


Open 1.3525

High 1.3571

Low 1.3478

Close 1.3516On Tuesday the EUR/USD decreased with 90 pips. The european currency depreciated from 1.3571 to 1.3478 yesterday, matching the negative money flow sentiment at under -12%, closing the day at 1.3516. This morning the euro is trading quietly, with movements at the lower end of yesterday’s range for now.On the 1 hour chart the upward channel is on hold, while on the 3 hour chart the upward channel has slowed down. Break above the nearest resistance and yesterday’s top at 1.3571 may trigger further strengthening of the euro. Going below yesterday’s bottom and first support at 1.3478, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3364.Today’s focus is on EMU CPI and Trade balance, and U.S. MBA Mortgage Applications, Total net TIC flows, NAHB Housing market index, and Fed Beige book, at 9, 11, 13, 14, and 18 GMT respectively.Quotes are moving just below the 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 negative and declining, while CCI is in line with the 100 line on the 1 hour chart, giving over all light short signals.

Technical resistance levels: 1.3571 1.3685 1.3810

Technical support levels: 1.3478 1.3364 1.3240Yesterday we made +50 pips profit/loss on EUR/USD from the following sent to clients only signal:10:00 GMT+1 Sell EUR/USD at 1.3543 SL 1.3569 TP 1.3493, TP reached at 11:39 GMT+1.

Total yesterday +145.

EUR/USD Hour Chart” title=”EUR/USD Hour Chart” width=”640″ height=”540″ src=”” />

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