EUR/USD 1.3651 – 12 April 2010

EUR/USD Open 1.3634 High 1.3678 Low 1.3282 Close 1.3359
The Euro started rising on Friday, as Greece received EU bailout confirmation. Euro/Dollar rose from 1.3344 to 1.3493 on Friday, in line with the the Interbank sentiment projection at around +7.5%, closing the week at 1.3494. On the 3 hour chart new upward channel is formed for now. Break above the nearest resistance and this morning’s peak at 1.3678 may lead to further recovery of the Euro. Going bellow Friday’s bottom and first support at 1.3344, however, should confirm continuation of the bearish trend, towards next target 1.3250. Today’s focus is on Italy Industrial production at 8 GMT respectively. Quotes are moving above the 50 and 20 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI and MACD indicators are positive and rising, while CCI is neutral and calm on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.3678 1.3772 1.3856
Technical support levels: 1.3344 1.3250 1.3162

Trading range: 1.3640 – 1.3705
Trend: Upward
Buy at 1.3651 SL 1.3621 TP 1.3691

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