EUR/USD 1.3683 – 12 March 2010

EUR/USD Open 1.3683 High 1.3700 Low 1.3624 Close 1.3679
On Thursday Euro/Dollar continued recovering, forming a secondary rising channel on the 3 hour chart. The currency couple appreciated from 1.3624 up to 1.3687, closing the day at 1.3679. The maintaining of the ascending adjustment is valid for now, and any false break down may trigger further upward impulse, especially is we see convincing pull above the nearest and psychological resistance at 1.3677, which is currently being tested. In the medium term expectations are neutral, till we get a strong sentiment data to get the Euro out of the 1.3461 – 1.3779 trading range, seen on the 1 hour chart. Going bellow yesterday’s bottom and first support 1.3624 may return the currency couple back within the bearish channel, towards next target 1.3541. Today’s focus is on EU 16 Industrial production at 10:00, and USA Retail sales at 13:30 GMT. Quotes are moving above the 50 and 20 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and declining, MACD is positive and calm, while CCI is positive and rising on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.3700 1.3791 1.3895
Technical support levels: 1.3624 1.3541 1.3468

Trading range: 1.3670 – 1.3735
Trend: Upward
Buy at 1.3683 SL 1.3653 TP 1.3723

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