EUR/USD 1.2787 - 2 September 2010

EUR/USD Open 1.2805 High 1.2849 Low 1.2667 Close 1.2809

On Wednesday the Euro/Dollar rose sharply, climbing with around 180 pips. The European appreciated from 1.2667 to 1.2849 yesterday, matching the positive Interbank sentiment projection, at around +3%, closing the day at 1.2809. This morning trading is hesitant for now. On the 1 hour chart trading is within wide range, while on the 3 hour chart the downward channel is still on hold. Break above the nearest resistance and yesterday's top at 1.2849 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.2667, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2526. Today's focus is on Italy PPI, EU 16 GDP Q2, EU 16 PPI, ECB meeting announcement and ECB press conference at 8, 9, 11:45 and 12:30 GMT respectively. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating short term bearish and medium term bullish pressure. The value of the RSI indicator is negative and inclining upwards, MACD is positive and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall mixed signals.
Technical resistance levels: 1.2849 1.2950 1.3062
Technical support levels: 1.2667 1.2526 1.2415

Trading range: 1.2775 - 1.2840
Trend: Upward
Buy at 1.2787 SL 1.2757 TP 1.2827

Yesterday we made +8 pips profit on EUR/USD from the following signal:
5:35 GMT+1 Sell EUR/USD at 1.2703 SL 1.2738 TP 1.2653 exit sent at 5:54 GMT+1.
Total yesterday +91, as shown in details at