EUR/USD Open 1.2311 High 1.2349 Low 1.2263 Close 1.2309
On Wednesday Euro/Dollar traded hesitantly and within a narrow range. The European was moving within less that 100 pips range 1.2263 – 1.2349 yesterday, in line with the Interbank sentiment projection, at around -3%, closing the day at 1.2309. On the 3 hour chart the downward channel was broken up, and on the 1 hour chart almost all losses since the end of May are recovered. Break above the nearest resistance and yesterday’s top at 1.2349 may trigger further recovery of the Euro. Going bellow this mornings’s bottom and first support at 1.2263, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2169. Today’s focus is on USA Jobless claims, CPI, Current accounts, Leading indicators, Philadelphia Fed index and M2 money supply at 12:30 and 14 GMT respectively. 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 isnegative and declining, MACD is neutral and quiet, while CCI has crossed down the 100 line, but is inclining towards it on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1. 2349 1.2550 1.2611
Technical support levels: 1.2263 1.2169 1.2046
Trading range: 1.2250 – 1.2315
Trend: Upward
Buy at 1.2264 SL 1.2234 TP 1.2304
Written by iFOREX.bg
