Wednesday May 12, 2010 - 21:05:22 GMT
Share This Story
FXTimes - www.fxtimes.com
Daily Technical Update EUR/USD Finds Support at 1.26 For Now
Daily Technical Update
May 12, 2010
EUR/USD Finds Support at 1.26 For Now
- 4H and 1H: Our target on Monday‚Äôs update was 1.2620. The market declined to a low of 1.2605 during the Asian session. The European session gave the pair support as it is approaching a previous low of 1.2560.
- We see that in the 1H time-frame, there is a possible negative RSI reversal, which suggests a swing projection back again to test the 1.2600 low.
- The 4H time-frame has shown a negative reversal since Monday and suggests a projection to 1.2350. If the 1.26 area breaks, we may see a swing towards this target (1.2350).
- A less likely bullish scenario is in contention if the market forms a head and should should it break above 1.2750.
- Remember that we can be in consolidation mode, with bearish bias. So if the market breaks above 1.2750, see if there is topping action below 1.290.
- Weekly: The weekly chart shows the market near the 2008 low, which is just about 1.2350.
- The RSI is in major bearish mode showing no signs of slowing in this long-term look.
Commodity Trading Advisor
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analyses.
All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."