EUR/USD Open 1.2229 High 1.2297 Low 1.2169 Close 1.2232
After the sharp descend at the beginning of the week, on Wednesday Euro/Dollar adjusted upwards. The European currency rose from 1.2169 to 1.2297, in line with the Interbank sentiment projection, at around +4%, closing the day at 1.2232. This morning movements are quiet so far. On the 1 hour chart the pair is still in a consolidation phase, and on the 3 hour chart the downward channel is trying to renew. Break above the nearest resistance and yesterday’s top at 1.2297 may trigger further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.2169, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2055. Today’s focus is on Germany Retail sales and PPI, France, Italy and EU 16 PPI at 6, 6:45, 7:45, 7:50, 7:55 and 8 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 positive and inclining upwards, MACD is negative and calm, while CCI has crossed down the 100 line on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 1.2297 1.2395 1.2485
Technical support levels: 1.2169 1.2055 1.1940
Trading range: 1.2235 – 1.2170
Trend: Downward
Sell at 1.2221 SL 1.2251 TP 1.2181
Written by iFOREX.bg
