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Daily Forex Technicals |
Written by ZIFX.com |
Jan 17 12 05:56 GMT
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EUR/USD Strengthens After China GDP This Morning
EUR/USD Open 1.2664 High 1.2736 Low 1.2625 Close 1.2665
On Monday Euro/Dollar traded within narrow 50 pip range. The European currency appreciated from 1.2625 to 1.2688 yesterday, not matching the negative Interbank sentiment projection at nearly -12%, closing the day at 1.2665. This morning the Euro commenced recovering, rising up to 1.2736. On the 1 hour chart the downward channel is on hold, while on the 3 hour chart the downward channel has slowed down. Break above the nearest resistance and today's top at 1.2736 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.2625, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2500. Today's focus is on Germany Wholesale prices and ZEW economic expectations index, and EU17 Harmonized CPI, at 7 and 10 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 calm, MACD is neutral and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall all light long signals.
Technical resistance levels: 1.2736 1.2850 1.2973
Technical support levels: 1.2625 1.2500 1.2381
Trading range: 1.2715 - 1.2785
Trend: Upward
Buy at 1.2725 SL 1.2695 TP 1.2775
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