EUR/USD Open 1.2104 High 1.2142 Low 1.1958 Close 1.2126
On Thursday Euro/Dollar continued to recover as expected. The European currency appreciated from 1.1958 to 1.2142 yesterday, in converse with the Interbank sentiment projection, at nearly -10%, closing the day at 1.2126. On the 3 hour chart the downward channel is intact, but on the 1 hour chart the upward correction is turning into new upward trend. Break above the nearest resistance and yesterday’s top at 1.2142 may trigger further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.1958, however, would confirm continuation of the bearish trend, towards next objective downwards 1.1790. Today’s focus is on Germany Wholesale prices, France CPI and HICP at 6 and 6:45 GMT respectively. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is positive and calm, while CCI is about to cross up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1. 2142 1.2210 1.2300
Technical support levels: 1.1958 1.1790 1.1700
Trading range: 1.2090 – 1.2155
Trend: Upward
Buy at 1.2102 SL 1.2072 TP 1.2142
Written by iFOREX.bg
