EUR/USD 1.2851 - 18 August 2010

EUR/USD Open 1.2876 High 1.2906 Low 1.2805 Close 1.2884

On Tuesday the Euro/Dollar continued climbing with around 100 pips. The European currency appreciated from 1.2805 to 1.2906 yesterday, matching the positive Interbank sentiment projection, at nearly +1%, closing the day at 1.2884. This morning the is showing weakness. On the 1 hour chart new downward channel is trying to resume, while on the 3 hour chart the upward channel was broken downwards. Break above the nearest resistance and yesterday's top at 1.2906 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.2805, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2640. There are no major economic events for EU today. Quotes are moving just bellow the 20 and in line with the 50 EMA on the 1 hour chart, indicating slim short term bearish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is neutral and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.2906 1.2979 1.3100
Technical support levels: 1.2735 1.2640 1.2512

Yesterday we made +37 pips profit on EUR/USD from the following signal:
5:32 GMT+1 Buy EUR/USD at 1.2840 SL 1.2814 TP 1.2890 exit sent at 8:37 GMT+1.
Total yesterday +152, as shown in details at