EUR/USD 1.2813 - 20 August 2010

EUR/USD Open 1.2806 High 1.2896 Low 1.2784 Close 1.2823

On Thursday the Euro/Dollar continued trading within a around 100 pips range. The European currency appreciated from 1.2784 to 1.2896 yesterday, matching the positive Interbank sentiment projection, at nearly +2%, than dropped again, closing the day at 1.2823. This morning the pair is trading quietly so far. On the 1 hour chart there is a range trading formed, while on the 3 hour chart the upward channel was broken downwards. Break above the nearest resistance and yesterday's top at 1.2896 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.2784, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2671. There are no major economic events for EU today. Quotes are moving just bellow the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and quiet too, while CCI has crossed down the 100 line on the 1 hour chart, giving overall short signals.
Technical resistance levels: 1.2896 1.2987 1.3100
Technical support levels: 1.2784 1.2671 1.2550

Yesterday we made +35 pips profit on EUR/USD from the following signal:
5:33 GMT+1 Sell EUR/USD at 1.2807 SL 1.2833 TP 1.2757 exit sent at 8:36 GMT+1.
Total yesterday +151, as shown in details at