EUR/USD 1.2301 - 31 May 2010
EUR/USD Open 1.2276 High 1.2434 Low 1.2153 Close 1.2268

After partial recovery on Friday, Euro/Dollar lost its daily gains. Euro/Dollar appreciated from 1.2290 to 1.2434 on Friday, in converse with the Interbank sentiment projection, at around -11%, than lowered down to 1.2263, closing the week at 1.2268. On the 1 hour chart the Euro has entered into consolidation phase. Break above the nearest resistance and Friday's top at 1.2394 should trigger further rising of the Euro. Going bellow today's bottom and first support at 1.2261, however, may confirm continuation of the bearish trend, towards next objective downwards 1.2153. Today's focus is on EU 16 M3 money supply, Italy CPI and HICP, EU 16 Economic sentiment, EU 16 Business climate indicator and EU 16 Harmonized CPI at 8 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 positive and climbing, MACD is neutral and calm, while CCI is just under the 100 line and quiet on the 1 hour chart, giving overall mixed signals.Technical resistance levels: 1.2434 1.2500 1.2637Technical support levels: 1.2261 1.2153 1.2050

Trading range: 1.2290 - 1.2355Trend: UpwardBuy at 1.2301 SL 1.2271 TP 1.2341

On Friday we made +50 pips profit on EUR/USD from the following signal:5:36 GMT+1 Buy EUR/USD at 1.2295 SL 1.2269 TP 1.2345 TP reached at 7:35 GMT+1.Total on Friday +181, as shown in details at