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 bellow 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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