Hello

Last week Euro was unable to hold 1.2480 support and decline continued below 1.2300. In daily approach market now is zoomed on 1.1880/1.1900 support test that could be tested in coming week. In Hourly view as drawn on H4 chart dynamic trend line resistance now is located around 1.2490/2500 so bullish correction may extend to that level. Entering short around 1.2480/90 is suggested with stops above 1.2550 and intraday targets below 1.2350 and 1.2320.

Regards,

Reza Ajorloei

Views: 532

Comment by Reza Ajorloei on June 4, 2012 at 11:18am

Euro holds below 1.2440, sells may play the rule for 1.2380/2400 test in US open

Comment by Reza Ajorloei on June 4, 2012 at 1:41pm

Euro has entered short zone, selling the pair now is suggested with stops above 1.2550 and intraday targets below 1.2400.

Comment by behrooz sadeghi on June 4, 2012 at 8:45pm

Thanks dear reza for your useful comment as usual

Comment by Reza Ajorloei on June 5, 2012 at 1:50am

Moving beyond 1.2510 lead price to 1.2550/60 top, if bid tone holds above 1.2570 we should consider trend reversal ( hard to believe) with primary targets around 1.2650/60.  Consider 1.2490 as support now if broken we should expect 1.2420/400 target ahead.

Comment by Reza Ajorloei on June 5, 2012 at 1:52am

Thank you Behrouz,

You're welcome

Comment by Reza Ajorloei on June 5, 2012 at 8:06am

Euro dropped almost 100 pips from 1.2540 resistance now quoting around 1.2440, there is romm for further decline to 1.2420/2400 support then corrective move in 1.2400-1.2460 range is likely before next move.

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