View Full Version : EUR/ USD Daily Technical Analysis 29 May 2012

05-29-2012, 08:26 AM
Good morning all,

As we have mentioned in our dgaily market analysis yesterday, the EUR/USD prices reached the main support level of 1.2504.
We notice on the 4 hours chart that the prices are trading within a downward channel .

The RSI indicator resumed its rising to breach the moving 20 .
The ADX indicator confirms the weakness of the bearish trend , this a signal that the Euro will recover to reach the next target of the moving 10 at the 1.2657 level as we see in the daily chart .

The Euro also has succeeded in covering the gap of Sunday opening trading, this confirms further that the Euro will recover and rise against the dollar.

We draw the attention of our dear clients to monitor the economic news of today especially the CPI data.
Should the CPI data results be more than 70, this will push the traders to buy the US dollar and the Euro will retreat again towards the 1.25 levels.


Nice trading ;)
Read more http://www.mbcfx.com/news/news_en29_05.html