EUR/USD 1.3636 – 23 February 2010

EUR/USD Open 1.3602 High 1.3653 Low 1.3575 Close 1.3596
The downward channel of Euro/Dollar on the 3 hour chart is losing strength for the last 2 weeks because of the strong upward corrections, last one of which was on Friday, continued on Monday, but was limited by the 1.3653 resistance, closing the day at 1.3596. Immediate support for the currency couple is Monday’s bottom at 1.3575. Break bellow that level will confirm the continuation of the bearish trend, towards next objective 1.3456. Convincing penetration above the nearest 1.3653 resistance may shake the integrity of the channel, and could lead to further recovery of the European currency towards 1.3788. Quotes are moving above the 50 and 20 EMA on the 1 hour chart, indicating bullish pressure. The values of RSI and CCI are entering the overbought zone, while MACD is positive and calm on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 1.3653 1.3788 1.3889
Technical support levels: 1.3575 1.3456 1.3382

Trading range: 1.3650 – 1.3585
Trend: Downward
Sell at 1.3636 SL 1.3666 TP 1.3596

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