EUR/USD 1.3423 – 21 April 2010

EUR/USD Open 1.3433 High 1.3524 Low 1.3400 Close 1.3435
The Euro continued depreciating on Tuesday. Euro/Dollar decreased from 1.3524 to 1.3429 yesterday, in line with the Interbank sentiment projection, at around -16%, closing the day at 1.3435. On the 1 hour chart the newly formed downward channel is continuing strengthening. Break above the nearest resistance and yesterday’s top at 1.3524 may lead to further recovery of the Euro. Going bellow today’s bottom and first important support at 1.3400, however, should confirm continuation of the bearish trend, towards next target 1.3312. There are no major economic events for EU today. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The values of the RSI, MACD and CCI indicators are all negative and quiet on the 1 hour chart, giving overall short signals.

Technical resistance levels: 1.3524 1.3610 1.3700
Technical support levels: 1.3400 1.3312 1.3200

Trading range: 1.3435 – 1.3370
Trend: Downward
Sell at 1.3423 SL 1.3453 TP 1.3383

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