EUR/USD 1.3489 - 20 April 2010
EUR/USD Open 1.3488 High 1.3507 Low 1.3420 Close 1.3487

The Euro continued depreciating on Monday. Euro/Dollar decreased from 1.3507 to 1.3420 yesterday, in line with the Interbank sentiment projection, at around -15%, closing the day at 1.3487. On the 1 hour chart the newly formed downward channel is facing strong support. Break above the nearest resistance and yesterday's top at 1.3507 may lead to further recovery of the Euro. Going bellow yesterday's bottom and first important support at 1.3420, however, should confirm continuation of the bearish trend, towards next target 1.3358. Today's focus is on Germany PPI, EU 16 Current account, and Germany ZEW economic expectations, at 6, 8, and 9 GMT respectively. Quotes are moving above the 20 and just crossing with the 50 EMA on the 1 hour chart, indicating slight bullish pressure. The value of the RSI is positive and declining, and MACD is neutral and quiet, while CCI is positive and rising on the 1 hour chart, giving overall weak bullish signals.Technical resistance levels: 1.3507 1.3573 1.3666Technical support levels: 1.3420 1.3358 1.3265

Trading range: 1.3500 - 1.3435Trend: DownwardSell at 1.3489 SL 1.3519 TP 1.3449

On Friday we made +36 pips profit on EUR/USD from the following signal:6:03 GMT+1 Sell EUR/USD at 1.3473 SL 1.3499 TP 1.3423 exit at 7:51 GMT+1.Total yesterday +171, as shown in details at www.zifx.com/performance.php.