EUR/USD 1.3589 – 13 April 2010

EUR/USD Open 1.3593 High 1.3678 Low 1.3503 Close 1.3590
The Euro consolidated on Monday after the strong rise. Euro/Dollar dropped from 1.3691 to 1.3570 yesterday, in converse with the the Interbank sentiment projection at nearly 19%, closing the day at 1.3590. On the 1 hour chart new upward channel is under threat. Break above the nearest resistance and yesterday’s top at 1.3678 may lead to further recovery of the Euro. Going bellow Monday’s bottom and first support at 1.3503, however, should confirm continuation of the bearish trend, towards next target 1.3344. Today’s focus is on Germany CPI and Wholesale prices at 6, France CPI and HICP at 6:45. Quotes are moving above the 50 and just crossing with the 20 EMA on the 1 hour chart, indicating neutral market. The value of the RSI and MACD indicators are positive and declining, while CCI is neutral and calm on the 1 hour chart, giving overall weak short signals.
Technical resistance levels: 1.3678 1.3772 1.3856
Technical support levels: 1.3503 1.3344 1.3250

Trading range: 1.3600 – 1.3535
Trend: Downward
Sell at 1.3589 SL 1.3619 TP 1.3549

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