EUR/USD Stable On Hopes For Greek Deal
ZIFX.com | Nov 26, 2012 12:40AM ET
On Friday EUR/USD continued increasing with 120 pips. The European currency appreciated from 1.2868 to 1.2991 on Friday, matching the positive money flow sentiment at above +27%, closing the week at 1.2973. This morning the euro is trading quietly, with movements at the upper end of Friday's range for now.
On the 1-hour chart range trading has formed, while on the 3-hour chart the upward channel has turned into wide trading scope. Break above the nearest resistance and Friday's top at 1.2991 may trigger further strengthening of the euro. Going below Friday's bottom and first support at 1.2868, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2750.
Today's focus is on Italy Consumer confidence, and US Chicago Fed National and Manufacturing activity indexes, at 8, 13:30 and 15:30 GMT respectively.
Quotes are moving above the crossing 20 and 50 EMA on the 1-hour chart, indicating bullish pressure. The value of the RSI indicator is positive and calm, MACD is thinly positive and inclining upwards, while CCI has crossed up the 100 line on the 1-hour chart, giving over all light long signals.
Technical resistance levels: 1.2991 1.3110 1.3235
Technical support levels: 1.2868 1.2750 1.2626
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