EUR/USD 1.3554 – 16 April 2010

EUR/USD Open 1.3572 High 1.3666 Low 1.3555 Close 1.3575
The Euro started weakening on Thursday as new strikes in Greece began. Euro/Dollar decreased from 1.3666 to 1.3524 yesterday, in line with the Interbank sentiment projection, at around -16%, closing the day at 1.3575. On the 1 hour chart new downward channel has been formed. Break above the nearest resistance and yesterday’s top at 1.3666 may lead to further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.3555, however, should confirm continuation of the bearish trend, towards next target 1.3461. Today’s focus is on EU 16 Harmonized CPI at 9 GMT. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is positive and declining, while MACD and CCI are negative and calm on the 1 hour chart, giving overall weak bearish signals.

Technical resistance levels: 1.3666 1.3772 1.3856
Technical support levels: 1.3555 1.3461 1.3344

Trading range: 1.3565 – 1.3500
Trend: Downward
Sell at 1.3554 SL 1.3584 TP 1.3514

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