EUR/USD Open 1.2717 High 1.2736 Low 1.2528 Close 1.2723
On Tuesday Euro/Dollar decreased at first, as expected, than recorder significant rise as risk appetite returns to the market. The European currency appreciated from 1.2528 to 1.2736 yesterday, not exactly matching the weak Interbank sentiment projection, at nearly +2%, closing the day at 1.2723. This morning the pair is trading quetly for now. On the 1 and 3 hour charts the upward channel has renewed. Break above the nearest resistance and yesterday’s top at 1.2736 may trigger further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.2528, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2441. Today’s focus is on Italy CPI, EU 16 Industrial production and EU 16 Harmonized CPI at 8 and 9 GMT respectively. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and consolidating, MACD is positive and calm, while CCI is just above the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.2736 1.2854 1.2970
Technical support levels: 1.2528 1.2441 1.2320
Trading range: 1.2695 – 1.2760
Buy at 1.2708 SL 1.2678 TP 1.2748
Written by iFOREX.bg