EUR/USD 1.3338 – 8 April 2010

EUR/USD Open 1.3343 High 1.3407 Low 1.3313 Close 1.3344
The Euro weakness continues as Greece keeps Europe on back foot. Euro/Dollar dropped from 1.3407 to 1.3329 yesterday, in converse with the the Interbank sentiment projection at around +3%, closing the day at 1.3344. On the 3 hour chart the downward channel is now being renewed. Break above the nearest resistance and yesterday’s peak at 1.3407 may lead to further recovery of the Euro. Going bellow this morning’s bottom and first support at 1.3313, however, should confirm continuation of the bearish trend, towards next target 1.3231. Today’s focus is on EU Retail sales, Germany industrial production, and ECB meeting at 9, 10 and 11:45 GMT respectively. Quotes are moving bellow the 50 and 20 EMA on the 1 hour chart, indicating bearish pressure. The values of the RSI indicator is positive and inclining upwards, while MACD and CCI are negative and calm on the 1 hour chart, giving overall weak short signals.
Technical resistance levels: 1.3407 1.3496 1.3600
Technical support levels: 1.3313 1.3231 1.3150

Trading range: 1.3350 – 1.3285
Trend: Downward
Sell at 1.3338 SL 1.3368 TP 1.3298

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