EUR/USD Up Ahead Of The German Court Ruling Today
ZIFX.com | Sep 12, 2012 12:40AM ET
On Tuesday EUR/USD increased with 115 pips ahead of German court ruling today. The European currency appreciated from 1.2757 to 1.2871 yesterday, matching the positive money flow sentiment at over 19%, closing the day at 1.2853. This morning the euro is trading quietly, with movements at the upper end of 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. A break above the nearest resistance and yesterday's top at 1.2871 may trigger further strengthening of the euro. Going below yesterday's bottom and first support at 1.2757, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2640.
Today's focus is on France and Germany CPI and HICP, Germany Constitutional court's decision, and Italy and EU17 Industrial production, at 5:30, 6, 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 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: 1.2871 1.2986 1.3110
Technical support levels: 1.2757 1.2640 1.2517
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