EUR/USD Open 1.3507 High 1.3559 Low 1.3386 Close 1.3510
The Euro’s rally faltered on Wednesday before resuming rising. Euro/Dollar dropped to 1.3386 yesterday, from where it started climbing up to 1.3546, in converse with the the Interbank sentiment exposure at around -12%, closing the day at 1.3510. On the 1 hour chart the newly formed upward channel is running out of steam. Break above the nearest resistance and this morning’s top at 1.3559 may lead to further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.3386, however, should confirm continuation of the bearish trend, towards next target 1.3269. Today’s focus is Germany Retail sales, Italy, France, Germany, EU PMI and UK CIPS at 6, 7:45, 7:50, 7:55, 8 and 8:30 GMT respectively. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating slight bullish pressure. The value of the RSI indicator is negative and declining, MACD is positive and calm, while CCI is neutral and quiet on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 1.3559 1.3637 1.3796
Technical support levels: 1.3386 1.3269 1.3200
Trading range: 1.3485 – 1.3545
Trend: Upward
Buy at 1.3495 SL 1.3465 TP 1.3535
Written by iFOREX.bg
