EUR/USD Technical Analysis 30 July 2010

EUR/USD 1.3064 – 30 July 2010

On Thursday the Euro/Dollar resumed the ascending movement. The European currency appreciated from 1.2981 to 1.3101 yesterday, not exactly matching the neutral Interbank sentiment projection, at nearly +3%, closing the day at 1.3083. This morning bulls are hesitant, waiting for strength catalyst. On the 1 hour chart the upwards channel has renewed, while on the 3 hour the upward channel is intact for now. Break above the nearest resistance and yesterday’s top at 1.3101 may trigger further recovery of the Euro. Going bellow yesterday’s bottom and first support at 1.2981, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2874. Today’s focus is on Germany Retail sales, Italy Business confidence, Italy PPI, CPI, and HICP, EU 16 Harmonized CPI, and EU 16 Unemployment at 6, 7:30, 8 and 9 GMT respectively. Quotes are moving bellow the 20 and above the 50 EMA on the 1 hour chart, indicating slim medium term bullish pressure. The value of the RSI indicator is negative and calm, MACD is positive and quiet, while CCI has crossed down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 1.3101 1.3205 1.3320
Technical support levels: 1.2981 1.2874 1.2755

Yesterday we made +40 pips profit on EUR/USD from the following signal:
7:32 GMT+1 Buy EUR/USD at 1.3036 SL 1.3010 TP 1.3086 exit sent 9:30 GMT+1.
Total yesterday +107, as shown in details here.

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