EUR/USD 1.2510 - 2 July 2010

EUR/USD Open 1.2507 High 1.2532 Low 1.2197 Close 1.2530

After the sharp descend at the beginning of the week, on Thursday Euro/Dollar gained even higher on good EU economic data and bad US Jobless claims. The European currency rose from 1.2197 to 1.2532, not exactly maching the weak Interbank sentiment projection, at nearly +5%, closing the day at 1.2530. This morning movements are quiet so far. On the 1 hour chart the pair is trying to resume rising, and on the 3 hour chart the downward channel is under threath. Break above the nearest resistance and yesterday's top at 1.2297 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.2197, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2055. Today's focus is on EU 16 Unemployment and PPI at 9 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 declining, MACD is positive and consolidating, while CCI is above the 100 line on the 1 hour chart, giving overall light long signals.Technical resistance levels: 1.2532 1.2639 1.2750Technical support levels: 1.2197 1.2055 1.1940

Trading range: 1.2500 - 1.2560Trend: UpwardBuy at 1.2510 SL 1.2480 TP 1.2550

Yesterday we made +23 pips profit on EUR/USD from the following signal:5:32 GMT+1 Sell EUR/USD at 1.2218 SL 1.2244 TP 1.2168 exit at 7:41 GMT+1.Total yesterday +107, as shown in details at