EUR/USD 1.2202 - 15 June 2010

EUR/USD Open 1.2213 High 1.2298 Low 1.2115 Close 1.2220

On Monday Euro/Dollar continued recovering, as expected. The European currency appreciated from 1.2115 to 1.2298 yesterday, in converse with the Interbank sentiment projection, at around -8%, closing the day at 1.2220. On the 3 hour chart the downward channel is breaking up, and on the 1 hour chart the new upward trend has formed a new channel. Break above the nearest resistance and yesterday's top at 1.2298 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.2115, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2027. Today's focus is Germany ZEW economic expectations and EU 16 Trade balance at 9 GMT. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish pressure. The value of the RSI indicator is positive and declining, MACD is positive and consolidating, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.Technical resistance levels: 1. 2298 1.2388 1.2500Technical support levels: 2115 1.2027 1.1934

Trading range: 1.2190 - 1.2255Trend: UpwardBuy at 1.2202 SL 1.2172 TP 1.2242

Yesterday we made +33 pips profit on EUR/USD from the following signal:5:32 GMT+1 Buy EUR/USD at 1.2171 SL 1.2145 TP 1.2221 exit at 7:21 GMT+1.Total yesterday +160, as shown in details at http://www.zifx.com/performance.php.