EUR/USD 1.2655 – 13 May 2010

EUR/USD Open 1.2630 High 1.2735 Low 1.2605 Close 1.2614
The Euro traded hesitantly on Wednesday. Euro/Dollar was moving within the 1.2605 to 1.2735 range yesterday, in converse with the Interbank sentiment projection, at around -12%, closing the day at 1.2614. On the 1 hour chart the downward channel has calmed down for now. Break above the nearest resistance and yesterday’s top at 1.2735 may trigger further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.2605, however, should confirm continuation of the bearish trend, towards next target 1.2517. There are no major economic events today for EU. Quotes are moving about in line with the 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of RSI indicator is positive and rising, MACD is negative and inclining slightly upwards, while CCI is neutral and quiet on the 1 hour chart, giving overall light long signals.

Technical resistance levels: 1.2735 1.2842 1.2949
Technical support levels: 1.2605 1.2517 1.2525

Trading range: 1.2645 – 1.2705
Trend: Upward
Buy at 1.2655 SL 1.2625 TP 1.2695

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