EUR/USD Open 1.2213 High 1.2298 Low 1.2115 Close 1.2220
On Monday Euro/Dollar continued recovering, as expected. The European currency appreciated from 1.2115 to 1.2298 yesterday, in converse with the Interbank sentiment projection, at around -8%, closing the day at 1.2220. On the 3 hour chart the downward channel is breaking up, and on the 1 hour chart the new upward trend has formed a new channel. Break above the nearest resistance and yesterday’s top at 1.2298 may trigger further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.2115, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2027. Today’s focus is Germany ZEW economic expectations and EU 16 Trade balance at 9 GMT. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish pressure. The value of the RSI indicator is positive and declining, MACD is positive and consolidating, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1. 2298 1.2388 1.2500
Technical support levels: 2115 1.2027 1.1934
Trading range: 1.2190 – 1.2255
Buy at 1.2202 SL 1.2172 TP 1.2242
Written by iFOREX.bg