EUR/USD 1.3429 – 29 March 2010

EUR/USD Open 1.3446 High 1.3492 Low 1.3269 Close 1.3404
Dollar was under pressure from the Euro on Friday after hopes were given for Greece to get help from ECB, in converse with the the Interbank sentiment exposure at around -13%. Euro/Dollar climbed on Friday from 1.3304 to 1.3421, closing the week at 1.3404. On the 15 minute chart the currency couple has formed new upward channel, meaning that bulls have taken advantage in the short term. Break above the nearest resistance and today’s top at 1.3492 may lead to further recovery. Going bellow last Thursday’s bottom and nearest support at 1.3269, however, should confirm continuation of the bearish trend, towards next target 1.3200. Today were the EU 16 Economic sentiment, EU 16 Business climate and Germany’s CPI and HICP at 9 and 14:35 GMT respectively. Quotes are moving above the 50 and 20 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI, MACD and CCI indicators are all positive and calm on the 1 hour chart, giving overall long signals.
Technical resistance levels: 1.3492 1.3568 1.3685
Technical support levels: 1.3269 1.3200 1.3112

Trading range: 1.3415 – 1.3480
Trend: Upward
Buy at 1.3429 SL 1.3399 TP 1.3469

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