EUR/USD Open 1.3210 High 1.3258 Low 1.3116 Close 1.3218
The Euro depreciated insignificantly on Wednesday. Euro/Dollar decreased from 1.3258 to 1.3116 yesterday, in line with the Interbank sentiment projection, at around -19%, closing the day at 1.3218. On the 1 hour chart the newly formed downward channel continues to gather strength, as the debt crises in Greece is waiting solution. Break above the nearest resistance and yesterday’s top at 1.3258 may lead to further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.3116, however, should confirm continuation of the bearish trend, towards next target 1.3060. Today’s focus is on Germany Unemployment, EU 16 M3 money supply, Economic sentiment and Business climate at 7:55, 8 and 9 GMT respectively. Quotes are moving above the the 20 and bellow the 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is positive and declining, MACD is positive and inclining upwards, while CCI is positive and quiet on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.3258 1.3412 1.3525
Technical support levels: 1.3116 1.3060 1.2971
Trading range: 1.3230 – 1.3165
Trend: Downward
Sell at 1.3219 SL 1.3249 TP 1.3179
Written by iFOREX.bg
