EUR/USD Open 1.2317 High 1.2349 Low 1.2169 Close 1.2328
On Tuesday Euro/Dollar continued recovering, after a significant, nut not unexpected adjustment. The European currency appreciated from 1.2169 to 1.2349 yesterday, in converse with the Interbank sentiment projection, at around -5%, closing the day at 1.2328. On the 3 hour chart the downward channel was broken up, and on the 1 hour chart almost all losses since the end of May are recovered. Break above the nearest resistance and yesterday’s top at 1.2349 may trigger further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.2169, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2046. Today’s focus is Italy CPI and HICP, EU 16 Labour cost and Harmonized CPI at 8 and 9 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 declining, MACD is positive and consolidating, while CCI has crossed up the 100 line, but is inclining towards it on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1. 2349 1.2550 1.2611
Technical support levels: 2169 1.2046 1.1934
Trading range: 1.2300 – 1.2365
Buy at 1.2311 SL 1.2281 TP 1.2351
Written by iFOREX.bg