EUR/USD 1.2288 – 17 May 2010

EUR/USD Open 1.2368 High 1.2574 Low 1.2242 Close 1.2350
The Euro continued decreasing on Friday. Euro/Dollar depreciated from 1.2574 to 1.2357 on Friday, in line with the Interbank sentiment projection, at around -20%, closing the week at 1.2350. On the 1 hour chart the downward channel is valid and in shape for now. Break above the nearest resistance and Friday’s top at 1.2574 may trigger further recovery of the Euro. Going bellow today’s bottom and first support at 1.2242, however, should confirm continuation of the bearish trend, towards next target 1.2150. Today’s focus is on USA NY Fed Empire State manufacturing index and USA TICS at 12:30 and 13 GMT respectively. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of RSI indicator is negative and declining, MACD is neutral and declining, while CCI is negative and calm on the 1 hour chart, giving overall short signals.

Technical resistance levels: 1.2574 1.2681 1.2781
Technical support levels: 1.2242 1.2150 1.2064

Trading range: 1.2300 – 1.2225
Trend: Downward
Sell at 1.2288 SL 1.2318 TP 1.2238

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