EUR/USD Technical Analysis 30 August 2010

On Friday the Euro/Dollar traded slightly upwards, making insignificant rise. The European appreciated from 1.2690 to 1.2768 on Friday, matching the positive Interbank sentiment projection, at around +1%, closing the week at 1.2757. This morning bears are pushing down. On the 1 hour chart the downward channel has slowed down, while on the 3 hour chart the new downward channel is still forming. Break above the nearest resistance and Friday's top at 1.2768 may trigger further recovery of the Euro. Going bellow Friday's bottom and first support at 1.2690, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2560. Today's focus is on EU 16 Economic sentiment index and Business climate indicator at 9 GMT. Quotes are moving just above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is neutral and declining, MACD is positive and calm, while CCI is about to cross down the 100 line on the 1 hour chart, giving overall light short signals.Technical resistance levels: 1.2768 1.2847 1.2950Technical support levels: 1.2690 1.2560 1.2446

Trading range: 1.2760 - 1.2695Trend: DownwardSell at 1.2747 SL 1.2777 TP 1.2707

On Friday we made +14 pips profit on EUR/USD from the following signal:5:32 GMT+1 Buy EUR/USD at 1.2717 SL 1.2691 TP 1.2767 exit sent at 6:10 GMT+1.Total on Friday +81, as shown in details at http://www.zifx.com/performance.php.