EUR/USD Open 1.3268 High 1.3417 Low 1.3206 Close 1.3290
The Euro continued depreciating on Thursday. Euro/Dollar decreased from 1.3417 to 1.3266 yesterday, in line with the Interbank sentiment projection, at nearly -16%, closing the day at 1.3290. On the 1 hour chart the newly formed downward channel continues to gather strength. Break above the nearest resistance and yesterday’s top at 1.3417 may lead to further recovery of the Euro. Going bellow today’s bottom and first important support at 1.3206, however, should confirm continuation of the bearish trend, towards next target 1.3115. Today’s focus is on France Consumer spending, Germany IFO business climate, and EU 16 Industrial orders at 6:45, 8 and 9 GMT respectively. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI and CCI indicators is negative and slightly rising, while MACD is negative and calm on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.3417 1.3525 1.3665
Technical support levels: 1.3206 1.3115 1.3028
Trading range: 1.3255 – 1.3190
Trend: Downward
Sell at 1.3242 SL 1.3272 TP 1.3202
Written by iFOREX.bg
