EUR/USD 1.2517 – 14 May 2010

EUR/USD Open 1.2537 High 1.2681 Low 1.2517 Close 1.2535
The Euro traded with a decrease on Thursday. After a little climb on the receiving of the partial 5 Bln Euro help for Grece Euro/Dollar continued depreciating from 1.2681 to 1.2517, yesterday, in line with the Interbank sentiment projection, at around -20%, closing the day at 1.2535. On the 1 hour chart the downward channel continues ahead for now. Break above the nearest resistance and yesterday’s top at 1.2681 may trigger further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.2517, however, should confirm continuation of the bearish trend, towards next target 1.2425. Today’s focus is on Italy CPI and HICP at 8 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slight bearish pressure. The value of RSI indicator is positive and declining, MACD is negative and calm, while CCI is negative and inclining insignificantly upwards on the 1 hour chart, giving overall light short signals.

Technical resistance levels: 1. 2681 1.2781 1.2867
Technical support levels: 1.2517 1.2425 1.2338

Trading range: 1.2560 – 1.2495
Trend: Downward
Sell at 1.2547 SL 1.2577 TP 1.2507

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