EUR/USD Open 1.1886 High 1.2210 Low 1.1878 Close 1.1968
On Friday Euro/Dollar traded with a slight increase at first, later in the day collapsed under 1.2 on Hungary issues and good US payrolls data. Euro/Dollar depreciated from 1.2210 to 1.1957 on Friday, in line with the Interbank sentiment projection, at nearly -16%, closing the week at 1.1968. On the 3 hour chart the Euro the downward channel was renewed. Break above the nearest resistance and Friday’s level at 1.1980 may trigger further recovery of the Euro. Going bellow this morning’s bottom and first support at 1.1878, however, would confirm continuation of the bearish trend, towards next objective downwards 1.1790. Today’s focus is on Germany Manufacturing orders at 10 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and rising, MACD is negative and calm, while CCI has crossed down the 100 line and is quiet on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1. 1980 1.2070 1.2210
Technical support levels: 1.1878 1.1790 1.1700
Trading range: 1.1930 – 1.1865
Trend: Downward
Sell at 1.1918 SL 1.1948 TP 1.1878
Written by iFOREX.bg
