EUR/USD Open 1.2690 High 1.2709 Low 1.2623 Close 1.2697
After an insignificant downward correction, on Thursday Euro/Dollar continued climbing. The European currency appreciated from 1.2623 to 1.2709 yesterday, in line the Interbank sentiment projection, at around +6%, closing the day at 1.2697. This morning the pair is trading hesitantly so far. On the 1 hour chart the upwards channel is renewed, and on the 3 hour chart new upward channel is intact. Break above the nearest resistance and yesterday’s top at 1.2709 may trigger further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.2623, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2538. Today’s focus is on Germany CPI and HICP, France and Italy Industrial production at 6, 6:45 and 8 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 positive and quiet, MACD is positive and calm, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.2709 1.2788 1.2900
Technical support levels: 1.2623 1.2538 1.2450
Trading range: 1.2670 – 1.2735
Buy at 1.2682 SL 1.2652 TP 1.2722
Written by iFOREX.bg