EUR/USD 1.2642 - 24 August 2010

EUR/USD Open 1.2637 High 1.2727 Low 1.2621 Close 1.2656

On Monday the Euro/Dollar continued decreasing. The European currency depreciated from 1.2727 to 1.2635 yesterday, not matching the positive Interbank sentiment projection, at nearly +1%, closing the day at 1.2656. This morning the bears pushed prices further down to 1.2621. On the 1 hour chart the downward channel looks good, while on the 3 hour chart the new downward channel is gathering strength. Break above the nearest resistance and yesterday's top at 1.2727 may trigger further recovery of the Euro. Going bellow today's bottom and first support at 1.2621, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2533. Today's focus is on Germany GDP Q2 and EU 16 Industrial orders at 6 and 9 GMT respectively. Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and rising, MACD is negative and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.2727 1.2813 1.2900
Technical support levels: 1.2621 1.2533 1.2400

Trading range: 1.2655 - 1.2590
Trend: Downward
Sell at 1.2642 SL 1.2672 TP 1.2602

Yesterday we made +21 pips profit on EUR/USD from the following signal:
5:22 GMT+1 Buy EUR/USD at 1.2709 SL 1.2683 TP 1.2759 exit sent at 7:43 GMT+1.
Total yesterday +123, as shown in details at