EUR/USD Technical Analysis 9 September 2010

EUR/USD 1.2717 - 9 September 2010

On Wednesday the Euro/Dollar traded within nearly 100 pips range. The European appreciated from 1.2665 to 1.2757 yesterday, matching the positive Interbank sentiment projection, at around +6%, closing the day at 1.2719. This morning trading is neutral for now. On the 1 hour chart trading is still within wide range, and on the 3 hour chart range trading is also formed. Break above the nearest resistance and yesterday's top at 1.2757 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.2665, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2577. Today's focus is on Germany CPI and HICP at 6 GMT. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and declining, MACD is neutral and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.2757 1.2868 1.2980
Technical support levels: 1.2665 1.2577 1.2473

Yesterday we made +28 pips profit on EUR/USD from the following signal:
7:27 GMT+1 Sell EUR/USD at 1.2729 SL 1.2755 TP 1.2679 TP reached at 9:13 GMT+1.
Total yesterday +78, as shown in details at http://www.zifx.com/performance.php.