EUR/USD Open 1.2740 High 1.2773 Low 1.2681 Close 1.2742
On Wednesday Euro/Dollar traded quietly and within a nearly 100 pips range. The European currency appreciated from 1.2681 to 1.2773 yesterday, matching the weak Interbank sentiment projection, at nearly +4%, closing the day at 1.2742. This morning the pair is hardly making any directional movements for now. On the 1 and 3 hour charts the upward channel is renewed. Break above the nearest resistance and yesterday’s top at 1.2773 may trigger further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.2681, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2528. Today’s focus is on USA Jobless claims, PPI, NY Fed Empire State manufacturing index, Industrial production, Capacity utilisation, Philadelphia Fed index, and M2 money supply at 12:30, 13:15, 14 and 20:30 GMT respectively. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and declining, MACD is positive and calm, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.2773 1.2866 1.2970
Technical support levels: 1.2681 1.2528 1.2441
Trading range: 1.2725 – 1.2790
Trend: Upward
Buy at 1.2736 SL 1.2706 TP 1.2776
Written by iFOREX.bg
