Monday May 21, 2012 - 10:48:22 GMT
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Jay Meisler's Daily Forex Weathermap - EURUSD
10:45 GMT (Global-View.com) May 21 -
Jay Meisler's Daily Forex Weathermap - EURUSD (current rate 1.2773)
EURUSD seeing some break in the clouds but would need to firmly renew 1.28+ and take out the 200 hour mva (yellow line) to suggest a risk of a retracement. This follows a brief test of 1.28+ overnight that tested the 1 hour trend line (see chart). Otherwise it looks like consolidation where 1.2750 will set the bias while within 1.27-1.28, currently finding some support above it. .
The main argument for a EURUSD retracement is the extreme short positions and the pause above the 2012 low at 1.2623 (Friday low 1.2642).
See full report + levels on the GVI Forex Forum
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