EUR/USD 1.2649 - 8 July 2010

EUR/USD Open 1.2631 High 1.2687 Low 1.2553 Close 1.2633

After some downward adjustment, on Wednesday Euro/Dollar continued rising. The European currency appreciated from 1.2553 to 1.2659 yesterday, in line the Interbank sentiment projection, at around +6%, closing the day at 1.2633. This morning the pair is making further ascending efforts. On the 1 hour chart the upwards channel is renewed, and on the 3 hour chart new upward channel is looking good. Break above the nearest resistance and today's top at 1.2687 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.2553, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2470. Today's focus is on Germany Current account, Trade balance and Industrial production, and EU 16 ECB meeting announcement and press conference at 6, 10, 11:45 and 12:30 GMT respectively. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and declining, MACD is positive and calm, while CCI has crossed up the 100 line on the 1 hour chart, giving overall long signals.Technical resistance levels: 1.2687 1.2775 1.2870Technical support levels: 1.2553 1.2470 1.2350

Trading range: 1.2635 - 1.2700Trend: UpwardBuy at 1.2649 SL 1.2619 TP 1.2689

Yesterday we made +27 pips profit on EUR/USD from the following signal:5:32 GMT+1 Buy EUR/USD at 1.2577 SL 1.2551 TP 1.2627 exit at 6:26 GMT+1.Total yesterday +122, as shown in details