EUR/USD Technical Analysis 18 June 2010

On Thursday Euro/Dollar rose sharply after partial adjustment. The European appreciated from 1.2245 to 1.2404 yesterday, in converse with the Interbank sentiment projection, at nearly -1%, closing the day at 1.2386. On the 3 hour chart the downward channel is broken upwards, and on the 1 hour chart all losses since the end of May are recovered. Break above the nearest resistance and today's top at 1.2414 may trigger further recovery of the Euro. Going bellow this yesterday's bottom and first support at 1.2245, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2169. Today's focus is on Germany PPI at 6 GMT. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and climbing, MACD is positive and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.Technical resistance levels: 1.2414 1.2550 1.2611Technical support levels: 1.2245 1.2169 1.2046

Trading range: 1.2385 - 1.2450Trend: UpwardBuy at 1.2396 SL 1.2366 TP 1.2436

Yesterday we made +12 pips profit on EUR/USD from the following signal:8:10 GMT+1 Sell EUR/USD at 1.2256 SL 1.2282 TP 1.2206 exit at 8:14 GMT+1.Total yesterday +88, as shown in details at http://www.zifx.com/performance.php.