EUR/USD 1.1931 – 9 June 2010

EUR/USD Open 1.1919 High 1.2000 Low 1.1903 Close 1.1915
On Tuesday Euro/Dollar traded within a 100 pip trading range. The European currency appreciated from 1.1903 to 1.2 yesterday, in converse with the Interbank sentiment projection, at around -16%, closing the day at 1.1915. On the 3 hour chart the downward channel was renewed, and on the 1 hour chart trend is neutral. Break above the nearest resistance and yesterday’s top at 1.2000 may trigger further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.1903, however, would confirm continuation of the bearish trend, towards next objective downwards 1.1790. There are no major economic events for EU today. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is positive and rising, MACD is neutral and calm, while CCI is about to cross down the 100 line on the 1 hour chart, giving overall light light short signals.

Technical resistance levels: 1. 2000 1.2070 1.2210
Technical support levels: 1.1903 1.1790 1.1700

Trading range: 1.1980 – 1.1915
Trend: Downward
Sell at 1.1969 SL 1.1999 TP 1.1929

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