EUR/USD 1.2343 – 18 May 2010

EUR/USD Open 1.2388 High 1.2411 Low 1.2242 Close 1.2395
The Euro traded within a range on Monday. Euro/Dollar was moving narrowly in the 1.2258 to 1.2411 scope yesterday, in converse with the Interbank sentiment projection, at nearly -12%, closing the day at 1.2395. On the 1 hour chart the downward channel is valid and in good shape for now. Break above the nearest resistance and yesterday’s top at 1.2411 may trigger further recovery of the Euro. Going bellow yesterday’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 EU 16 Harmonized CPI, Trade balance, and Germany ZEW economic expectations at 9 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of RSI indicator is neutral and inclining slightly upwards, while MACD and CCI are negative and and calm on the 1 hour chart, giving overall light short signals.

Technical resistance levels: 1.2411 1.2574 1.2681
Technical support levels: 1.2258 1.2150 1.2064

Trading range: 1.2355 – 1.2290
Trend: Downward
Sell at 1.2343 SL 1.2373 TP 1.2303

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