Technical Analysis Daily: EUR/USD

EUR/USD 1.3990

EUR/USD Open 1.4022 High 1.4049 Low 1.3902 Close 1.3993

On Friday Euro/Dollar continued its upward movement and crossed the 1.4000 psychological level. The currency couple reached a peak at 1.4043 and closed the week at 1.3993. From a long term perspective on the daily chart the Fibonacci correction from 1.6020 to 1.2350 suggests that, for the European currency is now time to test the 49.8% level in the region of 1.4180 as the next target upwards. Short term signals are rising with possible test of 1.4075. However, The CCI indicator, however, is about to cross down the 100 line on the 1 hour chart, so be careful for a potential descending rebound with possible test of 1.3930. Break below this level may lead the Euro out of the current trading range.

Technical resistance levels: 1.4075 1.4180 1.4300
Technical support levels: 1.3930 1.3785 1.3590

Trading range: 1.3980 - 1.4040

Trend: Upward

Buy at 1.3990 SL 1.3960 TP 1.4030

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