EUR/USD Open 1.2622 High 1.2647 Low 1.2541 Close 1.2631
On Thursday Euro/Dollar increased with almost 100 pips. The European currency appreciated from 1.2541 to 1.2638 yesterday, matching the positive money flow sentiment at over 17%, closing the day at 1.2631. This morning the Euro pushed up further on Central bank hopes, reaching 1.2647.
On the 1 hour chart range trading has formed, while on the 3 hour chart the downward channel is still on hold. Break above the nearest resistance and today's top at 1.2647 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.2541, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2424.
Today's focus is on Italy Trade in goods and EU17 Trade balance, at 8 and 9 GMT respectively.
Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is positive and rising too, while CCI has crossed up the 100 line on the 1 hour chart, giving over all long signals.