EUR/USD Within Friday's Range This Morning

25 February 2013, 06:30

EUR/USD Open 1.3190 High 1.3248 Low 1.3144 Close 1.3188

On Friday Euro/Dollar traded within 100 pip range. The European currency depreciated from 1.3248 to 1.3144 on Friday, matching the negative money flow sentiment at nearly -17%, closing the week at 1.3188. This morning the Euro is trading quietly, with movements within Friday's range for now.

On the 1 hour chart new downward channel is forming, while on the 3 hour chart the upward channel is turning into range trading. Break above the nearest resistance and Friday's top at 1.3248 may trigger further strengthening of the Euro. Going bellow Friday's bottom and first support at 1.3144, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3030.

Today's focus is on Italy Parliamentary elections and Trade Balance, and US Chicago Fed National Activity and Dallas Fed Manufacturing Business Indexes, at 9, 13:30, and 15:30 GMT respectively.

Quotes are moving just bellow 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 quiet too, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.

Technical resistance levels: 1.3248 1.3360 1.3483
Technical support levels: 1.3144 1.3030 1.2908