By: iForex.bg
EUR/USD Open 1.3827 High 1.3918 Low 1.3748 Close 1.3834 The Euro/Dollar made a significant increasing movement yesterday. The currency couple reached a bottom at 1.3748, rose up to the top 1.3918, and closed the day lower at 1.3834. On the 4 hour chart there is a head and shoulders formation, suggesting bullish reversal scenario, which we saw yesterday. Still, a consistent movement above 1.3900 is needed to confirm the short term upward correction with targets towards 1.3950. Immediate support is yesterday's bottom 1.3750. The CCI indicator has crossed up the 100 on the 1 hour chart, suggesting potential ascending pressure with possible test of the 1.3920 resistance level. Break above this zone may renew the recovery of the European currency. Technical resistance levels: 1.3920 1.4060 1.4185 Technical support levels: 1.3750 1.3620 1.3490