Wednesday, 6 June 2012

Has EURUSD bottomed? temporarily?

 EURUSD has found suport at the middle pitchfork as expected but at a lower level than 1,2350 that we first mentioned as target. It finally has shown power to the upside to counter the large decline that has taken place in May. The form in the daily chart looks impulsive with a downward bias and any significant bounce will most probably find resistance at 1,26 and at 1,275 upper pitchfork. Bulls could take risk with a stop at the lows with a target at first resistance (1,26-1,2650). Bears should be ready to pull the trigger again.
Short term chart shows that if EURUSD breaks support now we could retest 1,2425. Resistance at 1,2545 is the first obstacle to reach 1,26 target for end of correction.

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