EUR/USD 1.3349 – 26 March 2010

EUR/USD Open 1.3305 High 1.3375 Low 1.3269 Close 1.3283
Euro made partial recovery on Thursday after EU summit gave hopes for coming out of the crisis, in converse with the the Interbank sentiment projection at nearly -13%. Euro/Dollar first climbed yesterday to 1.3375, from where depreciated down to 1.3269, closing the day at 1.3283. 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 1.3375 may provoke further recovery. Going bellow yesterday’s bottom and nearest support at 1.3269, however, should confirm continuation of the bearish trend, towards next target 1.3200. Today are the U.S. GDP Q4, PCE price index, and Michigan sentiment at 12:30 and 13:55 GMT respectively. Quotes are moving just above the 50 and 20 EMA on the 1 hour chart, indicating slight bullish pressure. The value of the RSI, MACD and CCI indicators are all positive and inclining upwards on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.3375 1.3464 1.3550
Technical support levels: 1.3269 1.3200 1.3112

Trading range: 1.3360 – 1.3295
Trend: Downward
Sell at 1.3349 SL 1.3379 TP 1.3309

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