EUR/USD Weaker On Bond Redemption, ECB Ahead

EUR/USD Open 1.2602 High 1.2627 Low 1.2558 Close 1.2606

On Tuesday Euro/Dollar traded within almost 70 pip range. The European currency appreciated from 1.2558 to 1.2627 yesterday, matching the positive money flow sentiment at over 18%, closing the day at 1.2606. This morning the Euro is trading quietly, with movements within yesterday's range for now.

On the 1 hour chart range trading has formed, while on the 3 hour chart the downward channel is still on hold. Break above the nearest resistance and yesterday's top at 1.2627 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.2558, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2440.

Today's focus is on Italy, France, Germany and EU17 PMI, EU17 Retail sales and GDP Q1, at 7:45, 7:50, 7:55, 8 and 9 GMT respectively.

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

Technical resistance levels: 1.2627 1.2740 1.2864
Technical support levels: 1.2558 1.2440 1.2316

Yesterday we made +16 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:14 GMT+1 Buy EUR/USD at 1.2623 SL 1.2597 TP 1.2673, exit sent at 7:11 GMT+1.
Total yesterday +55, as shown at http://www.zifx.com/performance-past.php.