EUR/USD Open 1.2318 High 1.2379 Low 1.2261 Close 1.2331
After partial downward correction, as expected, on Thursday Euro/Dollar recorded insignificant further recovering. The European currency first fropped to 1.2261, from where it appreciated 1.2379 yesterday, in line with the Interbank sentiment projection, at nearly +3%, closing the day at 1.2331. On the 3 hour chart the downward channel is still on hold, and on the 1 hour chart the new upward channel is under threat. Break above the nearest resistance and yesterday’s top at 1.2379 may trigger further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.2261, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2170. Today’s focus is on Germany Import prices and France GDP Q1 at 6 and 6:45 GMT respectively. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is positive and declining, MACD is positive with slight descend, while CCI has just crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.2379 1.2485 1.2550
Technical support levels: 1.2261 1.2170 1.2055
Trading range: 1.2335 – 1.2275
Trend: Downward
Sell at 1.2325 SL 1.2355 TP 1.2285
Written by iFOREX.bg
