EUR/USD 1.3300 – 25 March 2010

EUR/USD Open 1.3330 High 1.3441 Low 1.3289 Close 1.3322
Euro continued dropping on Wednesday as debt concerns in Europe were rising, in line with the the Interbank sentiment projection at -18%. Euro/Dollar depreciated yesterday from 1.3483 down to 1.3304, closing the day at 1.3322. On the 1 hour chart the currency couple has formed new sharp downward channel, meaning that bears have taken advantage in the short term. Break above the nearest resistance and yesterday’s peak at 1.3441 may provoke partial recovery. Going bellow today’s bottom and nearest support at 1.3289, however, should confirm continuation of the bearish trend, towards next target 1.3200. Today are the France Consumer spending, EU 16 M3 money supply and UK Retail sales 7.45, 9 and 9:30 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: 1.3441 1.3568 1.3650
Technical support levels: 1.3289 1.3200 1.3112

Trading range: 1.3310 – 1.3250
Trend: Downward
Sell at 1.3300 SL 1.3330 TP 1.3260

Written by