U.S. dollar again was under pressure
EUR/USD 1.4480 – 3 June 2011
EUR/USD Open 1.4481 High 1.4518 Low 1.4324 Close 1.4487
On Thursday the Euro/Dollar resumed increasing with 190 pips. The European currency appreciated from 1.4324 to 1.4514 yesterday, matching the positive Interbank sentiment projection at over +3%, closing the day at 1.4487. This morning the pair rose slightly further, reaching 1.4518. On the 1 hour chart the upward channel has renewed, while on the 3 hour chart trading is in the middle of a wide range. Break above the nearest resistance and today’s top at 1.4518 may trigger further strengthening of the Euro. Going bellow yesterday’s bottom and first support at 1.4324, however, would confirm continuation of the bearish trend, towards next important objective downwards 1.4210. Today’s focus is on Italy, France, Germany and EU17 PMI, at 7:45, 7:50, 7:55 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 inclining upwards, MACD is positive and declining, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall light long signals.
Technical resistance levels: 1.4518 1.4630 1.4748
Technical support levels: 1.4324 1.4210 1.4100
Trading range: 1.4470 – 1.4540
Trend: Upward
Buy at 1.4480 SL 1.4450 TP 1.4530
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