EUR/USD Technical Analysis 29 July 2010

EUR/USD 1.2997 – 29 July 2010

On Wednesday the Euro/Dollar continued with the tentative and within a range movements. The European currency depreciated from 1.3038 to 1.2971 yesterday, not exactly matching the neutral Interbank sentiment projection, at around +5%, closing the day at 1.2995. This morning the pair is still moving without clear direction. On the 1 hour chart the upwards channel is still trying to renew, while on the 3 hour the upward channel is intact for now. Break above the nearest resistance and yesterday’s top at 1.3038 may trigger further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.2971, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2874. Today’s focus is on France PPI, Italy Business confidence, Germany Unemployment, and EU 16 Economic sentiment index at 6:45, 7:30, 7:55 and 9 GMT respectively. Quotes are moving almost in line with the 20 and 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is neutral and calm, MACD is neutral and quiet, while CCI has crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.3038 1.3144 1.3250
Technical support levels: 1.2971 1.2874 1.2755

Yesterday we made +45 pips profit on EUR/USD from the following signal:
5:33 GMT+1 Buy EUR/USD at 1.2997 SL 1.2971 TP 1.3047 exit sent 8:11 GMT+1.
Total yesterday +129, as shown in details here.

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