UR/USD Open 1.2170 High 1.2319 Low 1.2152 Close 1.2160
On Thursday Euro/Dollar traded with a slight increase at first, later in the day recorded significant decrease, but not below week’s low. Euro/Dollar depreciated from 1.2319 to 1.2152 yesterday, in line with the Interbank sentiment projection, at nearly -14%, closing the day at 1.2160. On the 1 hour chart the Euro the consolidation continues, without clear movement direction. Break above the nearest resistance and yesterday’s top at 1.2319 may trigger further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.2152, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2040. Today’s focus is on Germany Retail sales and EU 16 GDP Q1 at 6 and 9 GMT respectively. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is positive and rising, MACD is negative and inclining upwards, while CCI is about to cross up the 100 line and quiet on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1. 2319 1.2434 1.2500
Technical support levels: 1.2152 1.2040 1.1952
Trading range: 1.2160 – 1.2225
Trend: Upward
Buy at 1.2174 SL 1.2144 TP 1.2214
Written by iFOREX.bg
