EUR/USD 1.3371 – 26 April 2010

EUR/USD Open 1.3360 High 1.3396 Low 1.3213 Close 1.3378
The Euro appreciated on Friday. Euro/Dollar increased from 1.3213 to 1.3396 on Friday, in converse with the Interbank sentiment projection, at around -18%, closing the week at 1.3378. On the 1 hour chart the newly formed downward channel continues to gather strength. Break above the nearest resistance and Friday’s top at 1.3396 may lead to further recovery of the Euro. Going bellow Friday’s bottom and first important support at 1.3213, however, should confirm continuation of the bearish trend, towards next target 1.3115. There are no major economic events for EU today. Quotes are moving above the 50 and about to cross down the 20 EMA on the 1 hour chart, indicating slight bearish pressure. The value of the RSI indicator is positive and inclining upwards, MACD is positive and calm, while CCI is positive and declining on the 1 hour chart, giving overall mixed signals.

Technical resistance levels: 1.3396 1.3525 1.3665
Technical support levels: 1.3213 1.3115 1.3028

Trading range: 1.3385 – 1.3320
Trend: Downward
Sell at 1.3371 SL 1.3401 TP 1.3331

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