EUR/USD Open 1.4971 High 1.5131 Low 1.4903 Close 1.5011
After the sharp rise on Wednesday, Euro/Dollar started correcting on Thursday down to 1.4963, forming divergence on the daily chart. After unconvincing break up of the downward channel, quotes started dropping, closing the day at 1.5011, and continuing descending this morning down to 1.4902. Of the 3 hour chart the European currency is still moving within a range, indicating consolidation and hesitant market, caught in fight around the top line of the bearish channel at 1.5145. Signals therefore are currently neutral until we see significant break out of the technical range limits. The weakening of the Dollar is limited at the moment, but overall the market remains positive in favour of the Euro. Immediate resistance is 1.5025. Break above this level may trigger further increasing impulse towards the important 1.5130 level. Break above it would confirm bulls’ domination with next objectives 1.5220, followed by 1.5300. in the longer term outlook, however, inefficient break above 1.5062 should indicate bulls’ fatigue, which can lead to downward reversal towards 1.4830 and 1.4755. The CCI indicator leaning downwards on the 1 hour chart, suggesting bearish pressure.
Technical resistance levels: 1.5025 1.5130 1.5220
Technical support levels: 1.4900 1.4830 1.4755
Trading range: 1.4950 – 1.4875
Sell at 1.4939 SL 1.4969 TP 1.4889
Yesterday we made +25 pips profit on EUR/USD from the following signal:
6:55 GMT+1 Sell EUR/USD at 1.5078 SL 1.5104 TP 1.5028 exited at 9:13 GMT
Total yesterday +148, as shown in details here.
Disclaimer: Please note that our technical analysis is not daily/evening forecast, neither a trading signal. Therefore the expectations shown here may differ from our forecasts and signals, to give readers different point of view.
Written by iFOREX.bg