EUR/USD Open 1.3610 High 1.3739 Low 1.3590 Close 1.3607
The widened budget deficit in Europe and the risk aversion dragged the Euro lower on Thursday, in line with the the Interbank sentiment projection at -16.4%. The currency couple decreased yesterday from 1.3739 down to 1.3590, closing the day at 1.3607. The maintaining of the secondary bullish channel on the 3 hour chart is still valid, especially is we see convincing pull above the nearest resistance and Wednesday’s peak at 1.3810, which we will observe for medium term outlook. Going bellow Thursday’s bottom and nearest support for today at 1.3590, however, should confirm continuation of the bearish trend, towards next objective 1.3502. Today is the Germany’s PPI at 7:00 GMT. Quotes are moving bellow the 50 and 20 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is positive and rising, while MACD and CCI are around zero and inclining upwards on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 1.3739 1.3810 1.3895
Technical support levels: 1.3590 1.3502 1.3413
Trading range: 1.3635 – 1.3575
Trend: Downward
Sell at 1.3625 SL 1.3655 TP 1.3585
Written by iFOREX.bg
