EUR/USD 1.3653 – 16 February 2010

EUR/USD Open 1.3596 High 1.3654 Low 1.3582 Close 1.3597
Euro/Dollar started the week with low volatility because of the absence of economic events and the US President’s Day, trading within a small range, closing on Monday at 1.3597. On the 3 hour chart the decreasing channel remains intact for now. The nearest support for the currency couple is yesterday’s bottom at 1.3582. Persuasive break bellow it should confirm the the continuation of the general bearish trend within the downward channel, towards next objective 1.3500. In upward direction if the important 1.3654 resistance and this morning’s top is convincingly broken up, we may see stronger bullish momentum towards next target 1.3760. Quotes are moving above the 50 and 20 EMA on the 1 hour chart, indicating ascending pressure. The values of RSI and CCI are in the overbought zone, while MACD is neutral and leaning upwards on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 1.3654 1.3760 1.3889
Technical support levels: 1.3582 1.3500 1.3422

Trading range: 1.3665 – 1.3600
Trend: Downward
Sell at 1.3653 SL 1.3683 TP 1.3613

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