On Friday EUR/USD continued increasing with 110 pips. The European currency appreciated from 1.3247 to 1.3360 on Friday, matching the positive money flow sentiment at nearly +32%, closing the week at 1.3341. This morning the euro lifted further, ascending to 1.3404.
On the 1-hour chart quotes broke up the trading range, while on the 3-hour chart wide upward channel has formed. A break above the nearest resistance and today's top at 1.3404 may trigger further strengthening of the euro. Going below Friday's bottom and first support at 1.3247, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3135.
Today's focus is on Italy and EU17 Industrial production, at 9 and 10 GMT respectively.
Quotes are moving way above the crossing 20 and 50 EMA on the 1-hour chart, indicating strong bullish pressure. The value of the RSI indicator is positive and calm, MACD is neutral and quiet, while CCI has crossed up the 100 line on the 1-hour chart, giving over all light long signals.
Technical resistance levels: 1.3404 1.3520 1.3644
Technical support levels: 1.3247 1.3135 1.3010
EUR/USD Chart" title="EUR/USD Chart">