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Category Technical Analysis
Title

EUR/USD Technical Analysis 23 July 2010

>
Frequency Daily
Category Technical Analysis
Area Europe
Download Report Not Specified
Company Name iFOREX
Website Name http://www.zifx.com
Time Submitted Jul 23 2010 5:33AM GMT

EUR/USD 1.2885 - 23 July 2010

EUR/USD Open 1.2901 High 1.2922 Low 1.2739 Close 1.2891
On Thursday Euro/Dollar changed direction and started increasing as a result of optimism returning to the market. The European currency appreciated from 1.2739 to 1.2922 yesterday, not exactly matching the neutral Interbank sentiment projection, at nearly +2%, closing the day at 1.2891. This morning the pair is moving hesitantly for now. On the 1 hour chart the upwards channel is trying to resume, while on the 3 hour quotes back within the upward channel. Break above the nearest resistance and yesterday's top at 1.2922 may trigger further recovery of the Euro. Going bellow yesterday's bottom and first support at 1.2739, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2600. Today's focus is on France Consumer spending, Italy Consumer confidence, Germany IFO business climate index, and Italy Retail sales at 6:45, 7:30 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 calm, MACD is positive and quiet too, while CCI is in line with the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.2922 1.3020 1.3113
Technical support levels: 1.2739 1.2600 1.2511
Yesterday we made +34 pips profit on EUR/USD from the following signal:
5:37 GMT+1 Sell EUR/USD at 1.2775 SL 1.2801 TP 1.2725 exit sent 7:37 GMT+1.
Total yesterday +90, as shown in details here.


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