EUR/USD Open 1.2276 High 1.2434 Low 1.2153 Close 1.2268
After partial recovery on Friday, Euro/Dollar lost its daily gains. Euro/Dollar appreciated from 1.2290 to 1.2434 on Friday, in converse with the Interbank sentiment projection, at around -11%, than lowered down to 1.2263, closing the week at 1.2268. On the 1 hour chart the Euro has entered into consolidation phase. Break above the nearest resistance and Friday’s top at 1.2394 should trigger further rising of the Euro. Going bellow today’s bottom and first support at 1.2261, however, may confirm continuation of the bearish trend, towards next objective downwards 1.2153. Today’s focus is on EU 16 M3 money supply, Italy CPI and HICP, EU 16 Economic sentiment, EU 16 Business climate indicator and EU 16 Harmonized CPI at 8 and 9 GMT respectively. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is positive and climbing, MACD is neutral and calm, while CCI is just under the 100 line and quiet on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 1.2434 1.2500 1.2637
Technical support levels: 1.2261 1.2153 1.2050
Trading range: 1.2290 – 1.2355
Buy at 1.2301 SL 1.2271 TP 1.2341
Written by iFOREX.bg