EUR/USD 1.3477 – 30 March 2010

EUR/USD Open 1.3466 High 1.3510 Low 1.3412 Close 1.3481
The Euro continued strengthening on Monday after last week’s help for Greece by the ECB was announced, in converse with the the Interbank sentiment exposure at around -18%. Euro/Dollar climbed on Monday from 1.3412 to 1.3510, closing the day at 1.3481. On the 15 minute chart the newly formed upward channel means that bulls have taken advantage in the short term. Break above the nearest resistance and yesterday’s top at 1.3510 may trigger further recovery. Going bellow last Thursday’s bottom and second support at 1.3269, however, should confirm continuation of the bearish trend, towards next target 1.3200. Today’s focus is on Germany Import prices, France GDP Q4, UK GDP Q4, and UK Current account at 6, 6:45 and 8:30 GMT respectively. 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 quiet on the 1 hour chart, giving overall neutral to slightly bullish signals.
Technical resistance levels: 1.3510 1.3627 1.3796
Technical support levels: 1.3412 1.3269 1.3200

Trading range: 1.3465 – 1.3530
Trend: Upward
Buy at 1.3477 SL 1.3447 TP 1.3517

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