EUR/USD 1.3583 – 18 February 2010

EUR/USD Open 1.3610 High 1.3788 Low 1.3558 Close 1.3602
After the significant rise at the beginning of the week, on Wednesday Euro/Dollar dropped significantly from 1.3788 to 1.3590 as FED favoured increase of interest rates, and Greece have asked for bigger deficit cuts, closing the day at 1.3602. First support for the currency couple is this morning’s bottom at 1.3558. Break bellow that level could be considered as continuation of the bearish trend, towards next objective 1.3470. Immediate resistance level is yesterday’s top at 1.3788. If we see convincing penetration above that level, stronger bullish impulse may be expected with targets towards 1.3889. Quotes are moving bellow the 50 and 20 EMA on the 1 hour chart, indicating bearish pressure. The values of RSI and MACD are negative and inclining upwards, while CCI is neutral and calm on the 1 hour chart, giving overall bearish signals with possible upwards correction.
Technical resistance levels: 1.3788 1.3889 1.4000
Technical support levels: 1.3558 1.3470 1.3382

Trading range: 1.3595 – 1.3530
Trend: Downward
Sell at 1.3583 SL 1.3613 TP 1.3543

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