EUR/USD 1.3426 – 24 March 2010

EUR/USD Open 1.3468 High 1.3568 Low 1.3409 Close 1.3492
Euro continued dropping on Tuesday as worries in the Euro zone depress bond yields around the world, in line with the the Interbank sentiment projection at -18%. Euro/Dollar depreciated yesterday from 1.3538 down to 1.3463, closing the day at 1.3492. On the 3 hour the currency couple broke down the 1.3463 – 1.3801 range, meaning that bears have taken advantage. Break above the nearest resistance and yesterday’s peak at 1.3568 may provoke partial recovery. Going bellow today’s bottom and nearest support at 1.3409, however, should confirm continuation of the bearish trend, towards next target 1.3321. Today are the France, Germany and EU PMI at 8, 8:30 and 9 GMT respectively, EU 16 Industrial orders, UK CBI retail sales and French unemployment at 10, 11 and 17 GMT respectively. Quotes are moving bellow the 50 and 20 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI, MACD and CCI indicators are all negative and declining on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.3568 1.3627 1.3727
Technical support levels: 1.3409 1.3321 1.3234

Trading range: 1.3440 – 1.3375
Trend: Downward
Sell at 1.3426 SL 1.3456 TP 1.3386

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