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Daily Forex Technicals |
Written by ZIFX.com |
Jan 26 12 06:03 GMT
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EUR/USD Strengthens, Greek Issue Remains
EUR/USD Open 1.3110 High 1.3120 Low 1.2929 Close 1.3105
On Wednesday Euro/Dollar increased significantly with 190 pips, after showing weakness in the morning. The European currency appreciated from 1.2929 to 1.3120 yesterday, matching the positive Interbank sentiment projection at almost +10%, closing the day at 1.3105. This morning the Euro is trading quietly, with movements at the upper end of yesterday's range for now. On the 1 hour chart the upward channel looks good, while on the 3 hour chart new upward channel is emerging. Break above the nearest resistance and yesterday's top at 1.3120 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.2929, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2818. Today's focus is on France and Italy Consumer confidence, at 7:45 and 9 GMT respectively. Quotes are moving above the twisted and close 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and calm, MACD is positive and quiet too, while CCI has crossed up the 100 line on the 1 hour chart, giving overall all light long signals.
Technical resistance levels: 1.3120 1.3237 1.3360
Technical support levels: 1.2929 1.2818 1.2700
Trading range: 1.2995 - 1.3170
Trend: Upward
Buy at 1.3109 SL 1.2979 TP 1.3159
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