EUR/USD Open 1.2145 High 1.2206 Low 1.2057 Close 1.2106
On Friday Euro/Dollar recovered further in the morning, that made a deep correction. The European currency appreciated to 1.2147 on Friday, than bounced down to 1.2057, in line with the Interbank sentiment projection, at nearly -9%, closing the week at 1.2106. On the 3 hour chart the downward channel breaking up, and on the 1 hour chart the new upward trend has formed a new channel. Break above the nearest resistance and this morning’s top at 1.2206 may trigger further recovery of the Euro. Going bellow Friday’s bottom and first support at 1.2057, however, would confirm continuation of the bearish trend, towards next objective downwards 1.1958. Today’s focus is EU 16 Industrial production at 9 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and rising, MACD is positive and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1. 2206 1.2300 1.2388
Technical support levels: 1.2057 1.1958 1.1790
Trading range: 1.2155 – 1.2220
Buy at 1.2169 SL 1.2139 TP 1.2209
Written by iFOREX.bg