EUR/USD Open 1.2318 High 1.2351 Low 1.2214 Close 1.2309
After partial downward correction, on Wednesday Euro/Dollar continued recovering. The European currency appreciated from 1.2214 to 1.2329 yesterday, in converse with the Interbank sentiment projection, at around -0.7%, closing the day at 1.2309. On the 3 hour chart the downward channel is on hold, and on the 1 hour chart the new upward channel is under threat. Break above the nearest resistance and this morning’s top at 1.2351 may trigger further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.2214, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2100. Today’s focus is on France Consumer spending, Italy Retail sales, EU 16 Industrial orders, and France Unemployment at 6:45, 8, 9 and 16 GMT respectively. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure, but with last warning red candle. The value of the RSI indicator is positive and in the overbought zone, MACD is positive and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 1.2351 1.2485 1.2550
Technical support levels: 1.2214 1.2100 1.2011
Trading range: 1.2355 – 1.2290
Trend: Downward
Sell at 1.2341 SL 1.2371 TP 1.2301
Written by iFOREX.bg
