EUR/USD 1.3671 – 8 March 2010

EUR/USD Open 1.3640 High 1.3745 Low 1.3545 Close 1.3620
Euro/Dollar depreciated first on Friday ahead of the US Nonfarm payrolls, the Unemployment report and ECB announcement to keep interest rates low. The currency couple tested the lower 1.3545 level after the positive jib figures, from where it started rising up to 1.3624, closing the week at 1.3620. On the 3 hour chart downtrend has lost strength and on the 1 hour we see range trading, which gives us uncertain medium term direction. Going bellow the 1.3545 support may trigger stronger bearish impulse towards next target 1.3468. The nearest resistance is last Wednesday’s top at 1.3745. Today’s data is Germany industrial production at 11:00. Quotes are moving above the 50 and 20 EMA on the 1 hour chart, indicating bullish pressure. The value of RSI indicator is positive and rising, MACD is positive and calm, while CCI is about to cross down the 100 line on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.3745 1.3813 1.4000
Technical support levels: 1.3545 1.3468 1.3370

Trading range: 1.3660 – 1.3725
Trend: Upward
Buy at 1.3671 SL 1.3641 TP 1.3711

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