Good morning all,
The EUR/USD prices slipped after the release of negative European news , especially the PMI data , also affected by the fears of Greek exit from the Euro zone .
We expect a further decline of the prices towards the 1.2529-1.2492 area, if it breach down this level , we expect it will resume its support at the Elliot waves at the 1.2486 level .
The market trend today depends on the release of the German Consumer Sentiment news later today.
So if the data is positive, this will push the prices to rise and test the resistance level of 1.2590 then to the 1.2657 level.
* The market signal movement according to the main market signals MACD, SAR, RSI
1- MACD : we can see a buy signal on the 1 hour chart, and a sell signal on the 4 hours and Daily charts.
2- SAR: we can see a buy signal on the 1 hour chart, and a sell signal on the 4 hours and Daily charts.
3- RSI : there is a sell signal on the 4 hours and Daily charts.
4- Stochastic : there is a sell signal on the 4 hours and Daily charts.
-On the short term expectation, the market is bullish.
-On the long term expectation, the market is bearish.
Read more http://www.mbcfx.com/news/news_en25_05.html