EUR.USD - Sep 02 - 2010 GMT - DiNapoli Levels Analysis

In the last session (U.S.), we saw a strong positive rally on the Euro 4hr chart to an XOP (1.2851) with reports on manufacturing PMI as posted in the comments of our blog stretching well beyond overbought levels. From a daily chart perspective, although the trend indication on DLEVELS above the MACD predictor value of 1.2634, price is currently at a confluence "K" resistance zone near 1.2800 with marked resistance highs near 1.2810 . The intraday bias has remained consistently bearish with the pair remaining under the MACD predictor (30min) since it started falling from its peak around 14:30 GMT yesterday (Sep 01). Nearby intraday support is estimated around 1.2775. Added chart illustrations can be found on our forum at DLEVELS.net under EUR.USD with further commentary on intraday setup and trading activity at the moment. For Sep 02, we have the upcoming major releases for consideration in GMT. - 06:00 GBP Nationwide HPI m/m - 07:15 CHF Retail Sales y/y - 11:45 EUR Minimum Bid Rate - 12:30 EUR ECB Press Conference - 12:30 USD Unemployment Claims ** - 13:00 USD Fed Chairman Bernanke Testifies - 14:00 USD Pending Home Sales m/m There is quite a bit to watch in this upcoming session. Best, Derek