EUR/USD 1.3126 - 11 August 2010

EUR/USD Open 1.3184 High 1.3231 Low 1.3081 Close 1.3171

On Tuesday the Euro/Dollar continued decreasing, although making an advance on the surprising FOMC meeting announcement. The European currency depreciated from 1.3231 to 1.3081 yesterday, not matching the positive Interbank sentiment projection, at around +4%, closing the day at 1.3171. This morning the gains after the FOMC meeting were lost and bulls are trying to push further down. On the 1 hour chart the upward channel is on hold, while on the 3 hour chart quotes are testing the lower limit of the the upward channel. Break above the nearest resistance and yesterday's top at 1.3231 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.3081, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3000. Today's focus is on USA International trade, Export, Import and Federal budget at 12:30 and 18 GMT respectively. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is positive and calm, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.3231 1.3311 1.3400
Technical support levels: 1.3081 1.3000 1.2908

Yesterday we made +17 pips profit on EUR/USD from the following signal:
8:19 GMT+1 Sell EUR/USD at 1.3181 SL 1.3207 TP 1.3131 exit sent 8:34 GMT+1.
Total yesterday +86, as shown in details at