EUR/USD 1.3595 – 5 March 2010

EUR/USD Open 1.3583 High 1.3711 Low 1.3556 Close 1.3582
Euro/Dollar started decreasing on Thursday ahead of the US Nonfarm payrolls and the Unemployment report due today at 13:30 GMT. The currency couple dropped from 1.3711 down to 1.3556, closing the day at 1.3582. Our expectation are for the descending trend to continue as labor situation in USA is improving. Going bellow the 1.3556 support may trigger stronger bearish impulse towards next target 1.3468. The nearest resistance is Thursday’s top at 1.3711. Today’s data also includes Germany manufacturing orders at 11:00 and USA Consumer credit at 20:00 GMT. Quotes are moving bellow the 50 and 20 EMA on the 1 hour chart, indicating bearish pressure. The value of RSI indicator is positive and rising, while MACD and CCI are negative and slightly inclining upwards on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 1.3711 1.3802 1.4012
Technical support levels: 1.3556 1.3468 1.3370

Trading range: 1.3605 – 1.3545
Trend: Downward
Sell at 1.3595 SL 1.3625 TP 1.3555

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