EUR/USD 1.2419 – 21 June 2010

EUR/USD Open 1.2407 High 1.2460 Low 1.2245 Close 1.2382
On Friday Euro/Dollar traded hesitantly and with partial downward correction. The European currency depreciated from 1.2413 to 1.2357 on Friday, in line with the Interbank sentiment projection, at around -0.5%, closing the week at 1.2382. On the 3 hour chart the downward channel is broken upwards, and on the 1 hour chart the new upward channel is strengthening up. Break above the nearest resistance and today’s top at 1.2460 may trigger further recovery of the Euro. Going bellow Friday’s bottom and first support at 1.2357, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2245. There are no major economic events for EU today. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and climbing, MACD is positive and inclining upwards, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.

Technical resistance levels: 1.2460 1.2550 1.2611
Technical support levels: 1.2357 1.2245 1.2169

Trading range: 1.2405 – 1.2470
Trend: Upward
Buy at 1.2419 SL 1.2389 TP 1.2459

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