EUR/USD Lifts On German Court Ruling
ZIFX.com | Sep 13, 2012 12:44AM ET
On Wednesday EUR/USD continued increasing with 120 pips on the German court ruling. The European currency appreciated from 1.2814 to 1.2937 yesterday, matching the positive money flow sentiment at almost 22%, closing the day at 1.2898. This morning the euro is puching up again, with movements still within yesterday's range for now.
On the 1-hour chart the upward channel looks good, while on the 3-hour chart the new upward channel is also intact. Break above the nearest resistance and yesterday's top at 1.2937 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.2814, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2700.
Today's focus is on Italy CPI and HICP, USA Jobless claims, PPI, FOMC meeting announcement, Federal budget, Bernanke press conference, and M2 money supply, at 8, 12:30, 16:30, 18, 18:15 and 20:30 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 calm, MACD is positive and inclining upwards, while CCI has crossed up the 100 line on the 1-hour chart, giving over all long signals.
Technical resistance levels: 1.2937 1.3050 1.3172
Technical support levels: 1.2814 1.2700 1.2577
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