EUR/USD 1.3541 – 2 March 2010

EUR/USD Open 1.3557 High 1.3665 Low 1.3470 Close 1.3561
Euro/Dollar started this week with a decrease from the upper limit of the descending channel on the 1 hour chart at 1.3665, to 1.3470, closing the day at 1.3561.Our expectation today are for the depreciating trend to continue towards the the 1.3470 support level. Break bellow it may open way towards next downward target 1.3363. The nearest resistance is Monday’s top at 1.3665. Today at 10:00 GMT are the Italian CPI and EU CPI and PPI which may bring volatility to the market. Quotes are moving bellow the 50 and just crossing with the 20 EMA on the 1 hour chart, indicating bearish pressure. The values of RSI and CCI indicators are positive and rising, while MACD is neutral and quiet on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 1.3665 1.3777 1.3864
Technical support levels: 1.3470 1.3363 1.3275

Trading range: 1.3555 – 1.3490
Trend: Downward
Sell at 1.3541 SL 1.3571 TP 1.3501

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