EUR/USD 1.3391 – 7 April 2010

EUR/USD Open 1.3399 High 1.3496 Low 1.3357 Close 1.3398
The Euro weakening continues as Greece concerns are back. Euro/Dollar dropped from 1.3496 to 1.3357 yesterday, in line with the the Interbank sentiment exposure at around -0.5%, closing the day at 1.3398. On the 3 hour chart the downward channel is now being renewed. Break above the nearest resistance and yesterday’s peak at 1.3496 may lead to further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.3357, however, should confirm continuation of the bearish trend, towards next target 1.3288. Today’s focus is on PMI services, PPI, GDP Q4, and Germany Manufacturing orders at 8:30, 9 and 10 GMT respectively. Quotes are moving bellow the 50 and just crossing with the 20 EMA on the 1 hour chart, indicating bearish pressure. The values of the RSI indicator is positive and declining, while MACD and CCI are neutral and calm on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.3496 1.3600 1.3696
Technical support levels: 1.3357 1.3288 1.3200

Trading range: 1.3405 – 1.3340
Trend: Downward
Sell at 1.3391 SL 1.3421 TP 1.3351

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