EUR/USD Open 1.2349 High 1.2582 Low 1.2286 Close 1.2369
After partial recovery, the Euro dropped on Monday with a strong downward impulse. Euro/Dollar depreciated from 1.2582 to 1.2332 yesterday, in line with the Interbank sentiment projection, at around -11%, closing the day at 1.2369. On the 1 hour chart the downward channel could be renewed if bears prevail further. Break above the nearest resistance and yesterday’s top at 1.2582 may trigger further rising of the Euro. Going bellow today’s bottom and first support at 1.2286, however, should confirm continuation of the bearish trend, towards next objective downwards 1.2143. Today’s focus is on Italy Consumer confidence, Retail sales, and EU 16 Industrial orders at 7:30, 8 and 9 GMT respectively. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The values of all RSI, MACD and CCI indicators are negative and quiet on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.2582 1.2651 1.2750
Technical support levels: 1.2286 1.2143 1.2050
Trading range: 1.2325 – 1.2260
Sell at 1.2314 SL 1.2344 TP 1.2274
Written by iFOREX.bg