EUR/USD 1.2953 – 10 May 2010

EUR/USD Open 1.2877 High 1.2968 Low 1.2527 Close 1.2760
The Euro continued depreciating insignificantly on Friday. Euro/Dollar decreased from 1.2788 to 1.2618 on Friday, in converse with the Interbank sentiment projection, at nearly +4.5%, closing the week at 1.2760. On the 1 hour chart the downward channel today was disturbed with upward bounce, as decision was taken for Greece to be given 110 Bil Euro. Break above the nearest resistance and today’s top at 1.2968 may trigger further recovery of the Euro. Going bellow Friday’s bottom and first support at 1.2618, however, should confirm continuation of the bearish trend, towards next target 1.2527. Today’s focus is on Germany Current account and Trade balance, France and Italy Industrial production at 6, 6:45 and 8 GMT respectively. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The values of all RSI and MACD indicators are positive and calm, while CCI is positive and declining on the 1 hour chart, giving overall neutral signals.

Technical resistance levels: 1.2968 1.3081 1.3170
Technical support levels: 1.2618 1.2527 1.2430

Trading range: 1.2965 – 1.2900
Trend: Downward
Sell at 1.2953 SL 1.2983 TP 1.2913

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