EURUSD Daily Outlook 28 May 2012

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

Best Regards

Monday 28 May 2012 07:23 AM

Tags: EUR/USD, EURUSD

5 members like this

Comment by Haitham653 on May 31, 2012 at 11:07am: EURUSD may test 1.2420/30 for the last time before falling towards 1.2330...

Regards...

Comment by Haitham653 on May 31, 2012 at 12:54pm: EURUSD needs to break 1.2380/70 support zone for testing 1.2330, stability above this level may test 1.2420/30 resistance zone once again...

Comment by Haitham653 on May 31, 2012 at 2:01pm: As shown on the chart below , EURUSD is rising with low momentum , a clear break below 1.2357 would increase the risk towards 1.2200 levels, but in return stability above this level might test 1.2500 levels where also big sell is suggested !!!

Comment by Mina on May 31, 2012 at 2:36pm: Hi. Haitham! Thanks for ur update...

Comment by Haitham653 on May 31, 2012 at 2:52pm: Yesterday we had great setup for selling GBPUSD as I mentioned before ...

After losing 1.5500, the pair pulled back toward 1.5500 then nicely fall below 1.5400...

Comment by Predrag on June 1, 2012 at 5:51am: Any prediction for today?

Comment by nader on June 1, 2012 at 10:07am: Haitham after breaking 1.2357, can we sell euro from here (1.2330) target 1.2250 or we must wait the NFP?

Thank you