|
Daily Forex Technicals |
Written by ZIFX.com |
Feb 07 12 06:40 GMT
|
EUR/USD Weakens On Prolonged Greek Issue
EUR/USD Open 1.3115 High 1.3175 Low 1.3027 Close 1.3128
On Monday Euro/Dollar decreased with 150 pips on prolonged Greek issue. The European currency depreciated from 1.3175 to 1.3027 yesterday, not matching the positive Interbank sentiment projection at over +1%, closing the day at 1.3128. This morning the Euro is trading quietly, moving within yesterday's range for now. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart range trading has formed. Break above the nearest resistance and yesterday's top at 1.3175 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3027, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2915. Today's focus is on Germany Industrial production, at 11 GMT. Quotes are moving in line with the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bearish pressure. The value of the RSI indicator is positive and declining, MACD is neutral and calm, while CCI is in line with the 100 line on the 1 hour chart, giving overall all neutral signals.
Technical resistance levels: 1.3175 1.3286 1.3400
Technical support levels: 1.3027 1.2915 1.2800
Trading range: 1.3120 - 1.3045
Trend: Downward
Sell at 1.3106 SL 1.3136 TP 1.3056
|
About the Author
ZIFX.com is managed by iFOREX Ltd. and it is in the business of teaching analysis of forex trends, and proposing potential trading signals - not recommendations. All statements and expressions are the opinion of the forex experts at ZIFX.com and are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Our opinions are subject to change without notice. We strongly advise clients to conduct thorough research relevant to decisions and verify facts from various independent sources. The staff at ZIFX.com is not to be held responsible for individual market positions, all trades that clients may take are based on their own final decisions. We do not accept any liability for any loss or damage whatsoever, that may directly or indirectly result from any advice, opinion, information, representation or omission, whether negligent or otherwise, contained in the trading signals or in any accompanying chart analyses, whether communicated by word or message, typed or spoken by any of ZIFX.com employees.
ZIFX.com
