EUR/USD Open 1.2779 High 1.3085 Low 1.2706 Close 1.2784
The Euro rose first on Monday on the good news for Europe over the weekend, than lost all its gains. Euro/Dollar increased from 1.2732 to 1.3085 yesterday, in line with the Interbank sentiment projection, at nearly +6%, from which point is started dropping to where it started, closing the day at 1.2784. On the 1 hour chart the downward channel today was disturbed with strong upward correction, than tried to get back in shape. Break above the nearest resistance and yesterday’s top at 1.3085 may trigger further recovery of the Euro. Going bellow today’s bottom and first support at 1.2706, however, should confirm continuation of the bearish trend, towards next target 1.2618. Today’s focus is on Germany CPI, HICP and Wholesale prices at 6 GMT respectively. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The values of all RSI and MACD indicators are negative and declining, while CCI is negative and calm on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.3085 1.3170 1.3290
Technical support levels: 1.2706 1.2618 1.2527
Trading range: 1.2760 – 1.2695
Trend: Downward
Sell at 1.2746 SL 1.2776 TP 1.2706
Written by iFOREX.bg
