EUR/USD 1.3546 – 24 February 2010

EUR/USD Open 1.3526 High 1.3691 Low 1.3500 Close 1.3507
Euro/Dollar rose on Tuesday because of 25 bln bailout bundle for Greece rumors to 1.3691, from where it decreased down to 1.3500, closing the day at 1.3507. First support for the pair is Tuesday’s bottom at 1.3500. Break bellow that level will confirm the continuation of the bearish trend, towards next objective 1.3411. Convincing penetration above yesterday’s peak and first resistance 1.3691 may shake the integrity of the channel, and could lead to further recovery of the European currency towards 1.3788. Quotes are moving bellow the 50 and 20 EMA on the 1 hour chart, indicating bearish pressure. The value of RSI is neutral and declining, MACD and CCI indicators are dovish with upward incline on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 1.3691 1.3788 1.3889
Technical support levels: 1.3500 1.3411 1.3329

Trading range: 1.3560 – 1.3495
Trend: Downward
Sell at 1.3546 SL 1.3576 TP 1.3506

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