EUR/USD Still Unstable Because Of Spain Worries

EUR/USD Open 1.2274 High 1.2324 Low 1.2228 Close 1.2279

On Thursday Euro/Dollar traded within 95 pip range. The European currency depreciated from 1.2324 to 1.2228 yesterday, matching the negative money flow sentiment at almost -6%, closing the day at 1.2279. 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 downward channel is on hold, while on the 3 hour chart the downward channel has slowed down. Break above the nearest resistance and yesterday's top at 1.2324 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.2228, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2112.

Today's focus is on Germany PPI at 6 GMT.

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 neutral and calm, MACD is negative and quiet, while CCI has thinly crossed down the 100 line on the 1 hour chart, giving over all neutral signals.

Technical resistance levels: 1.2324 1.2440 1.2564
Technical support levels: 1.2228 1.2112 1.1990

Yesterday we made +13 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:16 GMT+1 Sell EUR/USD at 1.2290 SL 1.2316 TP 1.2240, exit sent at 6:20 GMT+1.
Total yesterday +76, as shown at http://www.zifx.com/performance-past.php.