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Technical Analysis Daily: EUR/USD |
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Technical Archives |
Written by ZIFX.com |
Sep 07 10 05:03 GMT
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Technical Analysis Daily: EUR/USD
EUR/USD 1.2813
EUR/USD Open 1.2866 High 1.2914 Low 1.2790 Close 1.2874
On Monday the Euro/Dollar traded within narrow range. The European depreciated from 1.2914 to 1.2867 yesterday, not matching the positive Interbank sentiment projection, at around +6%, closing the day at 1.2874. This morning bears started pushing down. On the 1 hour chart trading is still within wide range, and on the 3 hour chart range trading is also formed. Break above the nearest resistance and yesterday's top at 1.2914 may trigger further recovery of the Euro. Going bellow this morning's bottom and first support at 1.2790, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2700. Today's focus is on Germany Manufacturing orders at 10 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and quiet too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.2914 1.3000 1.3111
Technical support levels: 1.2790 1.2700 1.2589
Trading range: 1.2825 - 1.2760
Trend: Downward
Sell at 1.2813 SL 1.2843 TP 1.2773
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