EUR/USD 1.2291 – 28 May 2010

EUR/USD Open 1.2340 High 1.2394 Low 1.2153 Close 1.2359
After slowing down, the bearish trend weakened, and the Euro showed first signs of recovery on Thursday. Euro/Dollar appreciated from 1.2153 to 1.2394 yesterday, in converse with the Interbank sentiment projection, at around -12%, closing the day at 1.2359. On the 1 hour chart the downward trend has stopped. Break above the nearest resistance and yesterday’s top at 1.2394 should trigger further rising of the Euro. Going bellow yesterday’s bottom and first support at 1.2153, however, may confirm continuation of the bearish trend, towards next objective downwards 1.2050. Today’s focus is on Germany Import prices and France Unemployment at 6 and 16 GMT respectively. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating another possible upward impulse. The values of RSI and MACD indicators are positive and declining, while CCI is just under the 100 line and quiet on the 1 hour chart, giving overall light long signals.

Technical resistance levels: 1.2394 1.2500 1.2637
Technical support levels: 1.2153 1.2050 1.1961

Trading range: 1.2280 – 1.2345
Trend: Upward
Buy at 1.2291 SL 1.2261 TP 1.2331

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