EUR/USD Open 1.3171 High 1.3412 Low 1.3145 Close 1.3170
The Euro depreciated significantly on Tuesday. Euro/Dollar decreased from 1.3412 to 1.3145 yesterday, in line with the Interbank sentiment projection, at around -15%, closing the day at 1.3170. On the 1 hour chart the newly formed downward channel continues to gather strength, as the debt crises in Greece remains unsolved. Break above the nearest resistance and yesterday’s top at 1.3412 may lead to further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.3145, however, should confirm continuation of the bearish trend, towards next target 1.3060. Today’s focus is on Italy Business confidence and Germany CPI and HICP at 7:30 and 13.13 GMT respectively. 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 declining, MACD is negative and inclining upwards, while CCI is negative and dovish on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.3412 1.3525 1.3665
Technical support levels: 1.3145 1.3060 1.2971
Trading range: 1.3230 – 1.3165
Trend: Downward
Sell at 1.3216 SL 1.3246 TP 1.3176
Written by iFOREX.bg
