EUR/USD Open 1.2378 High 1.2396 Low 1.2267 Close 1.2364
After partial downward correction, as expected, on Friday Euro/Dollar recorded insignificant further recovering. The European currency first dropped to 1.2267, from where it appreciated up to 1.2388 on Friday, in line with the Interbank sentiment projection, at around +6%, closing the week at 1.2364. This morning climbing extended to 1.2396. On the 3 hour chart the downward channel is still on hold, and on the 1 hour chart the new upward channel is trying to resume. Break above the nearest resistance and today’s top at 1.2396 may trigger further recovery of the Euro. Going bellow Friday’s bottom and first support at 1.2267, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2170. Today’s focus is on EU 16 M3 money supply, Germany CPI and HICP at 8 and 12 GMT respectively. 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 calm, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.2396 1.2485 1.2550
Technical support levels: 1.2267 1.2170 1.2055
Trading range: 1.2365 – 1.2425
Buy at 1.2375 SL 1.2335 TP 1.2415
Written by iFOREX.bg