EUR/USD Open 1.2553 High 1.2603 Low 1.2485 Close 1.2552
On Friday Euro/Dollar climbed further. The European currency rose from 1.2485 to 1.2603, in line the Interbank sentiment projection, at nearly +7%, closing the week at 1.2552. This morning movements are to the downside so far. On the 1 hour chart there is a new upwards channel, and on the 3 hour chart the downward channel was broken upwards. Break above the nearest resistance and Friday’s top at 1.2603 may trigger further recovery of the Euro. Going bellow Friday’s bottom and first support at 1.2485, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2400. Today’s focus is on Italy, France, Germany and EU PMI services, and EU 16 Retail sales at 7:45, 7:, 7:55, 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 negative and declining, MACD is negative and consolidating, while CCI is in line with the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.2603 1.2691 1.2800
Technical support levels: 1.2485 1.2400 1.2286
Trading range: 1.2560 – 1.2495
Sell at 1.2548 SL 1.2578 TP 1.2508
Written by iFOREX.bg