EUR/USD Open 1.2271 High 1.2395 Low 1.2257 Close 1.2275
After the hesitant trading last week, on Monday Euro/Dollar significantly decreased. The European currency dropped from 1.2395 to 1.2268, in converse with the Interbank sentiment projection, at around +6%, closing the day at 1.2275. This morning descending extended to 1.2257. On the 3 hour chart the downward channel is still on hold, and on the 1 hour chart the pair is now in a consolidation phase. Break above the nearest resistance and yesterday’s top at 1.2395 may trigger further recovery of the Euro. Going bellow today’s bottom and first support at 1.2257, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2170. Today’s focus is on France Consumer confidence, EU 16 Economic sentiment index, and Business climate indicator at 6:45 and 9 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 calm, MACD is positive and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.2395 1.2485 1.2550
Technical support levels: 1.2257 1.2170 1.2055
Trading range: 1.2280 – 1.2220
Trend: Downward
Sell at 1.2270 SL 1.2300 TP 1.2230
Written by iFOREX.bg
