EUR/USD Open 1.3487 High 1.3536 Low 1.3415 Close 1.3482
The Euro continued rising last week on strong CPI and PMI but showed weakness over the Easter holiday. Euro/Dollar dropped to 1.3461 yesterday, in line with the the Interbank sentiment exposure at around -0.5%, closing the day at 1.3482. On the 1 hour chart the newly formed upward channel is bending now downwards. Break above the nearest resistance and yesterday’s peak at 1.3536 may lead to further recovery of the Euro. Going bellow today’s bottom and first support at 1.3415, however, should confirm continuation of the bearish trend, towards next target 1.3288. Today’s focus is on U.S. Redbook and FOMC meeting at 12:55 and 18 GMT respectively. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The values of the RSI and CCI indicators is negative and inclining upwards, while MACD is negative and calm on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.3536 1.3637 1.3796
Technical support levels: 1.3415 1.3288 1.3200
Trading range: 1.3450 – 1.3385
Trend: Downward
Sell at 1.3437 SL 1.3467 TP 1.3397
Written by iFOREX.bg
