EUR/USD Open 1.3565 High 1.3569 Low 1.3468 Close 1.3564
Dollar continued rising insignificantly on Monday as stocks fall, in line with the the Interbank sentiment projection at around -22%. Euro/Dollar depreciated yesterday from 1.3539 down to 1.3468, closing the day at 1.3564. On the 3 hour the currency couple is trading within 1.3463 – 1.3801 range since 5 February, and we will be looking for convincing break out of that range to determine Euro’s direction. Break above the nearest resistance and yesterday’s peak at 1.3569 may lead the currency to partial recovery. Going bellow yesterday’s bottom and nearest support at 1.3468, however, should confirm continuation of the bearish trend, towards next target 1.3373. Today are the France Business confidence at 7:45, UK HICP and Retail prices at 9:30, as well as U.S. Red book and Home sales at 12:55 and 14:00 GMT respectively. Quotes are moving just bellow the 50 and 20 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is positive and declining, while MACD and CCI are around zero and declining on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.3569 1.3627 1.3727
Technical support levels: 1.3468 1.3373 1.3250
Trading range: 1.3570 – 1.3510
Trend: Downward
Sell at 1.3560 SL 1.3590 TP 1.3520
Written by iFOREX.bg
