EUR/USD Open 1.2967 High 1.3214 Low 1.2937 Close 1.2985
The Euro continued depreciating on Tuesday. Euro/Dollar decreased from 1.3214 to 1.2963 yesterday, in line with the Interbank sentiment projection, at around -8%, closing the day at 1.2985. On the 1 hour chart the downward channel is gathering strength, as European crisis problems continue. Break above the nearest resistance and yesterday’s top at 1.3214 may lead to further recovery of the Euro. Going bellow today’s bottom and first support at 1.2937, however, should confirm continuation of the bearish trend, towards next target 1.2850. Today’s focus is on Italy, France, Germany, and EU 19 PPI, and EU 16 Retail sales at 7:45, 7:50, 7:55, 8 and 9 GMT respectively. Quotes are moving bellow the the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of all RSI indicator is negative and inclining slightly upwards, while MACD and CCI are negative and calm on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.3214 1.3358 1.3445
Technical support levels: 1.2937 1.2850 1.2744
Trading range: 1.2980 – 1.2915
Trend: Downward
Sell at 1.2967 SL 1.2997 TP 1.2927
Written by iFOREX.bg
