EUR/USD 1.2814 - 3 September 2010

EUR/USD Open 1.2824 High 1.2838 Low 1.2779 Close 1.2822

On Thursday the Euro/Dollar rose insignificantly. The European appreciated from 1.2779 to 1.2838 yesterday, matching the positive Interbank sentiment projection, at around +7%, closing the day at 1.2822. This morning trading is neutral 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 1.2838 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.2779, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2667. Today's focus is on Italy, France, Germany and EU 16 PMI, and EU 16 Retail sales at 7:45, 7:50, 7:55, 8 and 9 GMT respectively. Quotes are moving in line with the 20 and above the 50 EMA on the 1 hour chart, indicating short term neutral and medium term bullish pressure. The value of the RSI indicator is negative and calm, MACD is positive and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving overall neutral signals.
Technical resistance levels: 1.2838 1.2950 1.3062
Technical support levels: 1.2779 1.2667 1.2526

Trading range: 1.2800 - 1.2865
Trend: Upward
Buy at 1.2814 SL 1.2784 TP 1.2854

Yesterday we made +29 pips profit on EUR/USD from the following signal:
5:36 GMT+1 Buy EUR/USD at 1.2793 SL 1.2767 TP 1.2843 exit sent at 7:29 GMT+1.
Total yesterday +142, as shown in details at