EUR/USD 1.3605 – 10 March 2010

EUR/USD Open 1.3607 High 1.3698 Low 1.3541 Close 1.3599
After rising on Monday to 1.3698, Euro/Dollar traded with a slight decrease on Tuesday down to 1.3541, closing the day at 1.3599. Our expectations for the currency couple are neutral in the short and medium term, till we see break out of the 1.3461 – 1.3779 range, as seen on the 1 hour chart. The pair will need strong sentiment data to get it out of the current consolidation phase and point movement direction. Going bellow the 1.3541 support may trigger stronger bearish impulse towards next target 1.3468. First resistance is Monday’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 above the 20 EMA on the 1 hour chart, indicating slight upward correctional pressure. The value of RSI, MACD and CCI indicators are all positive and dovish on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.3688 1.3770 1.3895
Technical support levels: 1.3541 1.3468 1.3370

Trading range: 1.3615 – 1.3555
Trend: Downward
Sell at 1.3605 SL 1.3635 TP 1.3565

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