View Full Version : EUR/USD Lifts On Australia GDP

06-06-2012, 06:21 AM
EUR/USD Open 1.2448 High 1.2543 Low 1.2409 Close 1.2451

On Tuesday Euro/Dollar continued recovering with almost 130 pips, ahead of G7 summit. The European currency depreciated from 1.2543 to 1.2409 yesterday, not matching the positive money flow sentiment at over 4%, closing the day at 1.2451. This morning the Euro is pushing up, with movements at the upper end of yesterday's range for now.

On the 1 hour chart the downward channel is on hold, while on the 3 hour chart the downward channel has slowed down. Break above the nearest resistance and yesterday's top at 1.2543 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.2409, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2290.

Today's focus is on EU17 GDP Q1, Germany Industrial production, and ECB meeting announcement and press conference, at 9, 10, 11:45 and 12:30 GMT respectively.

Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and rising, MACD is negative and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving over all light long signals.

ibtimes (http://www.ibtimes.com/articles/349024/20120606/eur-usd-lifts-on-australia-gdp.htm)