EUR/USD 1.3396 – 22 April 2010

EUR/USD Open 1.3387 High 1.3447 Low 1.3365 Close 1.3388
The Euro continued depreciating on Wednesday. Euro/Dollar decreased from 1.3447 to 1.3365 yesterday, in line with the Interbank sentiment projection, at around -14%, closing the day at 1.3388. On the 1 hour chart the newly formed downward channel continues strengthening. Break above the nearest resistance and yesterday’s top at 1.3447 may lead to further recovery of the Euro. Going bellow yesterday’s bottom and first important support at 1.3365, however, should confirm continuation of the bearish trend, towards next target 1.3280. Today’s focus is on France Business confidence, PMI, Germany and EU PPI at 6:45, 7, 7:30 and 8 GMT respectively. 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 climbing, MACD is negative and calm, while CCI is neutral and inclining upwards on the 1 hour chart, giving overall light long signals.

Technical resistance levels: 1.3447 1.3524 1.3610
Technical support levels: 1.3365 1.3280 1.3200

Trading range: 1.3410 – 1.3345
Trend: Downward
Sell at 1.3396 SL 1.3426 TP 1.3356

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