EUR/USD 1.1975 - 8 June 2010

EUR/USD Open 1.1922 High 1.1987 Low 1.1884 Close 1.1920

On Monday Euro/Dollar dropped to a new 4 year low price. The European currency depreciated to 1.1884 yesterday, in line with the Interbank sentiment projection, at nearly -16%, than recovered up to 1.1987, closing the day at 1.1968. On the 3 hour chart the Euro the downward channel was renewed, and on the 1 hour chart that may be the case too soon. Break above the nearest resistance and yesterday's top at 1.1987 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.1884, however, would confirm continuation of the bearish trend, towards next objective downwards 1.1790. Today's focus is on Germany Current account, Trade balance and Industrial production at 6 and 10 GMT respectively. Quotes are moving above the 20 and bellow the 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is positive and rising, MACD is negative and inclining upwards, while CCI is about to cross down the 100 line on the 1 hour chart, giving overall light light short signals.Technical resistance levels: 1. 1987 1.2070 1.2210Technical support levels: 1.1884 1.1790 1.1700

Trading range: 1.1985 - 1.1915Trend: DownwardSell at 1.1975 SL 1.2005 TP 1.1725

Yesterday we made +26 pips profit on EUR/USD from the following signal:6:18 GMT+1 Sell EUR/USD at 1.1993 SL 1.1965 TP 1.1889 exit at 6:42 GMT+1.Total yesterday +156, as shown in details at