EUR/USD 1.2310 – 26 May 2010

EUR/USD Open 1.2346 High 1.2413 Low 1.2182 Close 1.2344
After reaching a new low levels, the Euro corrected insignificantly on Tuesday. Euro/Dollar depreciated from 1.2350 to 1.2182 yesterday, than bounced up to 1.2386 in line with the Interbank sentiment projection, at nearly -12%, closing the day at 1.2344. On the 1 hour chart the downward trend is on hold. Break above the nearest resistance at 1.2413 may trigger further rising of the Euro. Going bellow yesterday’s bottom and first support at 1.2182, however, should confirm continuation of the bearish trend, towards next objective downwards 1.2050. Today’s focus is on France Business confidence and USA Durable goods orders at 6:45, and 12:30 GMT respectively. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating short term upward impulse. The values of all RSI, MACD and CCI indicators are positive and tranquil on the 1 hour chart, giving overall neutral signals.

Technical resistance levels: 1.2413 1.2522 1.2650
Technical support levels: 1.2182 1.2050 1.1961

Trading range: 1.2320 – 1.2250
Trend: Downward
Sell at 1.2310 SL 1.2340 TP 1.2270

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