EUR/USD Open 1.2892 High 1.3022 Low 1.2842 Close 1.2882
After partial continuation of the ascending impulse, on Tuesday Euro/Dollar sharply dropped. The European currency depreciated from 1.3022 to 1.2842 yesterday, not matching the neutral Interbank sentiment projection, at +0.5%, closing the day at 1.2882. This morning the pair is trading tentatively so far. On the 1 and 3 hour charts quotes are testing the lower limit of the upward channel. Break above the nearest resistance and yesterday’s top at 1.3022 may trigger further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.2842, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2730. There are no major economic events for EU today. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is positive and quiet, MACD is positive and calm, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short forex signals.
Trading resistance levels: 1.3022 1.3113 1.3240
Trading support levels: 1.2842 1.2730 1.2600
Trading range: 1.2900 – 1.2840
Trend: Downward
Forex Trading Strategy
Sell at 1.2890 Stop Loss 1.2920 Take Profit 1.2850
Yesterday we made +50 pips profit on EUR/USD from the following forex signal:
5:34 GMT+1 Buy EUR/USD at 1.2967 Stop Loss 1.2941 Take Profit 1.3017 Take Profit reached at 7:50 GMT+1.
Total yesterday +161, as shown in details here.
Previous Analysis can be found HERE.
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Disclaimer: Our technical analysis are free. They are not daily/evening forecast, neither a forex signal. Therefore the expectations shown here may differ from our forecasts and signals, to give readers different point of view. The analysis are updated around 5:00, 8:00 and 10:00 GMT ±1 hour, for the EUR/USD, GBP/USD and USD/JPY respectively. By viewing our analyses you agree to our terms. Are technical analysis a forex trading signal?
