View Full Version : EUR/USD Daily Fundamental Analysis 23 May 2012

05-24-2012, 07:51 AM
Good morning all,

The EUR/USD hasnít closed below $1.26 since July 2010 and remained vulnerable to further declines, as fears of messy Greek exit from euro zone dominate the news. Traders will continue selling the euro rallies and eventually targeting the next major support level at 1.25 and even deeper to 1.20ó1.22 area.

The European Union leaders meeting urged Greece to stay in the euro-zone, but it did not help the euro. The common currency remains in a bearish trend.

The Australian dollar held steady on the day at $0.9750-mark and the major currencies reacted little to China's factories weak data.The EUR/USD prices succeeded in breaching the key support level of 1.2600 which is the Fibonacci 176.4 % then traded below this level, which confirm the bearish turned on the short term trading towards the 1.2509 level and if it breach down this level, the next target would be towards the 1.22 level.

However if it resume its trading above the 1.26 level, this signal its attempts to rise
Should the prices still trading below the 1.26 level, the general market trend would remain bearish.

Good Luck all ;)
Read more http://www.mbcfx.com/news/news_en24_05.html