EUR/USD Slips As Spanish Worries Prevail

EUR/USD Open 1.2120 High 1.2283 Low 1.2102 Close 1.2154

On Friday Euro/Dollar renewed decreasing with 140 pips. The European currency depreciated from 1.2283 to 1.2142 on Friday, matching the negative money flow sentiment at bellow -14%, closing the week at 1.2154. This morning the Euro weakened even further, reaching down to 1.2102.

On the 1 hour chart the downward channel has resumed, while on the 3 hour chart the downward channel looks good. Break above the nearest resistance and Friday's top at 1.2283 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.2102, however, would confirm continuation of the bearish trend, towards next objective downwards 1.1990.

There are no major economic events for EU today.

Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and quiet too, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all light short signals.

Technical resistance levels: 1.2283 1.2400 1.2524
Technical support levels: 1.2102 1.1990 1.1864

On Friday we made +12 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:17 GMT+1 Buy EUR/USD at 1.2263 SL 1.2237 TP 1.2313, exit sent at 8:11 GMT+1.
Total on Friday +34, as shown at http://www.zifx.com/performance-past.php.