EUR/USD 1.3489 – 20 April 2010

EUR/USD Open 1.3488 High 1.3507 Low 1.3420 Close 1.3487
The Euro continued depreciating on Monday. Euro/Dollar decreased from 1.3507 to 1.3420 yesterday, in line with the Interbank sentiment projection, at around -15%, closing the day at 1.3487. On the 1 hour chart the newly formed downward channel is facing strong support. Break above the nearest resistance and yesterday’s top at 1.3507 may lead to further recovery of the Euro. Going bellow yesterday’s bottom and first important support at 1.3420, however, should confirm continuation of the bearish trend, towards next target 1.3358. Today’s focus is on Germany PPI, EU 16 Current account, and Germany ZEW economic expectations, at 6, 8, and 9 GMT respectively. Quotes are moving above the 20 and just crossing with the 50 EMA on the 1 hour chart, indicating slight bullish pressure. The value of the RSI is positive and declining, and MACD is neutral and quiet, while CCI is positive and rising on the 1 hour chart, giving overall weak bullish signals.

Technical resistance levels: 1.3507 1.3573 1.3666
Technical support levels: 1.3420 1.3358 1.3265

Trading range: 1.3500 – 1.3435
Trend: Downward
Sell at 1.3489 SL 1.3519 TP 1.3449

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