EUR/USD 1.2102 - 11 June 2010

EUR/USD Open 1.2104 High 1.2142 Low 1.1958 Close 1.2126

On Thursday Euro/Dollar continued to recover as expected. The European currency appreciated from 1.1958 to 1.2142 yesterday, in converse with the Interbank sentiment projection, at nearly -10%, closing the day at 1.2126. On the 3 hour chart the downward channel is intact, but on the 1 hour chart the upward correction is turning into new upward trend. Break above the nearest resistance and yesterday's top at 1.2142 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.1958, however, would confirm continuation of the bearish trend, towards next objective downwards 1.1790. Today's focus is on Germany Wholesale prices, France CPI and HICP at 6 and 6:45 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 positive and inclining upwards, MACD is positive and calm, while CCI is about to cross up the 100 line on the 1 hour chart, giving overall light long signals.Technical resistance levels: 1. 2142 1.2210 1.2300Technical support levels: 1.1958 1.1790 1.1700

Trading range: 1.2090 - 1.2155Trend: UpwardBuy at 1.2102 SL 1.2072 TP 1.2142

Yesterday we made +18 pips profit on EUR/USD from the following signal:5:30 GMT+1 Buy EUR/USD at 1.2044 SL 1.2018 TP 1.2094 exit at 6:50 GMT+1.Total yesterday +143, as shown in details at http://www.zifx.com/performance.php.