EUR/USD 1.2682 - 9 July 2010

EUR/USD Open 1.2690 High 1.2709 Low 1.2623 Close 1.2697

After an insignificant downward correction, on Thursday Euro/Dollar continued climbing. The European currency appreciated from 1.2623 to 1.2709 yesterday, in line the Interbank sentiment projection, at around +6%, closing the day at 1.2697. This morning the pair is trading hesitantly so far. On the 1 hour chart the upwards channel is renewed, and on the 3 hour chart new upward channel is intact. Break above the nearest resistance and yesterday's top at 1.2709 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.2623, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2538. Today's focus is on Germany CPI and HICP, France and Italy Industrial production at 6, 6:45 and 8 GMT respectively. 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 positive and quiet, MACD is positive and calm, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.Technical resistance levels: 1.2709 1.2788 1.2900Technical support levels: 1.2623 1.2538 1.2450

Trading range: 1.2670 - 1.2735Trend: UpwardBuy at 1.2682 SL 1.2652 TP 1.2722

Yesterday we made +19 pips profit on EUR/USD from the following signal:5:30 GMT+1 Buy EUR/USD at 1.2649 SL 1.2623 TP 1.2699 exit at 7:27 GMT+1.Total yesterday +104, as shown in details at