The EURUSD continued its bearish momentum last Friday , topped at 1.2602 , bottomed at 1.2495 and closed at 1.2914 but it was unable to break below 1.2500 and bounced back strongly this early morning with bullish gap ?
Since today is Monday , I assume a bullish move testing the key resistance 1.2620 , a clear break above this level would lead for more gains testing 1.2660/1.2700 zone...
Immediate support is seen around 1.2550 where bounce back to upside is expected, stability above the key support 1.2500 is indeed to keep the light bullish trend strong and intact , losing this level would resume the long term bearish trend testing 1.2350 zone..
Recommendations: Buying the pair around 1.2560 , targeting 1.2610 and 1.2660 , stop loss 1.2480
Monday 28 May 2012 07:23 AM