EUR/USD Open 1.2587 High 1.2647 Low 1.2554 Close 1.2593
On Monday Euro/Dollar continued the decreasing impulse, whish started last Friday. The European currency depreciated from 1.2647 to 1.2554 yesterday, in converse the Interbank sentiment projection, at nearly +2%, closing the day at 1.2593. This morning the pair is trading hesitantly for now. On the 1 and 3 hour charts quotes are still testing the lower limit of the upward channel. Break above the nearest resistance and yesterday’s top at 1.2647 may trigger further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.2554, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2460. Today’s focus is on France CPI and HICP and Germany ZEW economic expectations at 6:45 and 9 GMT respectively. Quotes are moving just above the 20 and bellow the 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is positive and declining, MACD is negative and calm, while CCI is just above the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.2647 1.2755 1.2872
Technical support levels: 1.2554 1.2460 1.2355
Trading range: 1.2610 – 1.2545
Trend: Downward
Sell at 1.2597 SL 1.2627 TP 1.2557
Written by iFOREX.bg
