EUR/USD 1.2709 - 1 September 2010

EUR/USD Open 1.2685 High 1.2740 Low 1.2629 Close 1.2679

On Tuesday the Euro/Dollar corrected strongly upwards, rising with just over 100 pips. The European appreciated from 1.2629 to 1.2740 yesterday, matching the positive Interbank sentiment projection, at around +3%, closing the day at 1.2679. This morning trading is hesitant for now. On the 1 hour chart trading is within new lower range, while on the 3 hour chart the downward channel is on hold. Break above the nearest resistance and yesterday's top at 1.2740 may trigger further recovery of the Euro. Going bellow this morning's bottom and first support at 1.2629, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2526. Today's focus is on Germany Retail sales, and Italy, France, Germany and EU 16 PMI at 6, 7:45, 7:50, 7:55 and 8 GMT respectively. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is neutral and inclining upwards, MACD is neutral and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.2740 1.2847 1.2950
Technical support levels: 1.2629 1.2526 1.2415

Trading range: 1.2720 - 1.2655
Trend: Downward
Sell at 1.2709 SL 1.2739 TP 1.2669

Yesterday we made +30 pips profit on EUR/USD from the following signal:
5:40 GMT+1 Sell EUR/USD at 1.2655 SL 1.2681 TP 1.2605 exit sent at 8:08 GMT+1.
Total yesterday +143, as shown in details at