EUR/USD Open 1.3773 High 1.3789 Low 1.3672 Close 1.3764
Euro/Dollar rose on Friday on improved Industrial production data, although Interbank sentiment remained bearish at -14.5%. The currency couple appreciated from 1.3672 up to 1.3789, closing the week at 1.3764. The maintaining of the secondary bullish channel on the 3 hour chart is valid for now, especially is we see convincing pull above the first resistance and Friday’s top at 1.3789, which we will observe for medium term outlook. Going bellow Friday’s bottom and nearest support 1.3672 may return the currency couple back within the bearish channel, towards next target 1.3541. Today Greece submits progress report to EU, U.S. Empire state survey and U.S. TICS are at 12:30 and 13:00 GMT respectively. Quotes are moving above the 50 and bellow the 20 EMA on the 1 hour chart, indicating weak bullish pressure. The value of the RSI indicator is negative and rising, MACD is positive and calm, while CCI is negative and quiet on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.3789 1.3895 1.4000
Technical support levels: 1.3672 1.3541 1.3468
Trading range: 1.3755 – 1.3690
Trend: Downward
Sell at 1.3744 SL 1.3774 TP 1.3704
Written by iFOREX.bg
