EUR/USD 1.3363 – 9 April 2010

EUR/USD Open 1.3358 High 1.3380 Low 1.3282 Close 1.3359
The depreciating on the Euro continues as concerns about Greece persist. Euro/Dollar dropped from 1.3376 to 1.3282 yesterday, in converse with the the Interbank sentiment projection at around +4.3%, closing the day at 1.3359. On the 3 hour chart the downward channel is renewed for the time being. Break above the nearest resistance and this morning’s peak at 1.3380 may lead to further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.3282, however, should confirm continuation of the bearish trend, towards next target 1.3200. Today’s focus is on Germany Current account and Trade balance, France and Italy Industrial production at 6, 6:45 and 8 GMT respectively. Quotes are moving just above the 50 and 20 EMA on the 1 hour chart, indicating slight bullish pressure. The value 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: 1.3380 1.3496 1.3600
Technical support levels: 1.3282 1.3200 1.3108

Trading range: 1.3375 – 1.3320
Trend: Downward
Sell at 1.3363 SL 1.3393 TP 1.3323

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