EUR/USD 1.2850 - 6 May 2010
EUR/USD Open 1.2814 High 1.2995 Low 1.2795 Close 1.2790

The Euro continued depreciating on Wednesday. Euro/Dollar decreased from 1.2995 to 1.2795 yesterday, in line with the Interbank sentiment projection, at around -1%, closing the day at 1.2790. On the 1 hour chart the downward channel is gathering strength, as European crisis problems continue. Break above the nearest resistance and yesterday's top at 1.2995 may lead to further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.2795, however, should confirm continuation of the bearish trend, towards next target 1.2700. Today's focus is on Germany Manufacturing orders, and EU 16 ECB meeting announcement and press conference at 10, 11:45, and 12:30 GMT respectively. Quotes are moving bellow the the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of all RSI indicator is negative and declining, while MACD and CCI are negative and calm on the 1 hour chart, giving overall short signals.Technical resistance levels: 1.2995 1.3100 1.3360Technical support levels: 1.2795 1.2700 1.2617

Trading range: 1.2860 - 1.2790Trend: DownwardSell at 1.2850 SL 1.2880 TP 1.2800

Yesterday we made +43 pips profit on EUR/USD from the following signal:5:32 GMT+1 Sell EUR/USD at 1.2979 SL 1.3005 TP 1.2929 exit at 8:47 GMT+1.Total yesterday +106, as shown in details at http://www.zifx.com/performance.php.