EUR/USD 1.3622 – 9 March 2010

EUR/USD Open 1.3618 High 1.3698 Low 1.3605 Close 1.3633
Optimism is back after the U.S. Unemployment figures out better than expected on Friday. Euro/Dollar continued trading with an increase on Monday. The currency couple tested the upper limit of the downward channel on the 3 hour chart at 1.3698 yesterday, from where started descending down to 1.3611, closing the day at 1.3633. On the 1 hour we see 1.3461 – 1.3779 range trading, which gives us uncertain medium term direction. Going bellow the 1.3605 support may trigger stronger bearish impulse towards next target 1.3468. The nearest resistance is yesterday’s top at 1.3698. Today’s focus is on U.S. Red book at 13:55 GMT. Quotes are moving bellow the 50 and 20 EMA on the 1 hour chart, indicating bearish pressure. The value of RSI indicator is negative and rising, MACD is neutral and calm, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.3698 1.3813 1.4000
Technical support levels: 1.3605 1.3468 1.3370

Trading range: 1.3635 – 1.3570
Trend: Downward
Sell at 1.3622 SL 1.3652 TP 1.3582

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