EURUSD Daily Outlook 24 May 2012
The EURUSD continued its bearish momentum yesterday, topped at 1.2687 and closed at 1.2560
Today I assume a bearish move testing the key support 1.2544 , losing this level would lead for more loses testing the key support - the psychological level - 1.2500 where strong challenge is expected around this level...
Immediate resistance is seen around 1.2610 where bounce back to downside is expected , stability below the key resistance 1.2685 is indeed to keep the bearish trend strong and intact, a break above of this level might delay the bearish move testing 1.2800 levels...
Recommendations: Selling the pair around 1.2610, targeting 1.2550 & 1.2500 , stop loss at 1.2700
Best Regards
Thursday 24 May 2012 03:54 AM
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Comment by Peter jcp on May 24, 2012 at 5:59pm -
Well done Haitham - you got the resistance area retrace nicely forecasted for the US session. After posting a low during London trading, I had thought they had probably caught enough bears to try and take up to 2640-50 area - and then another drop.
But - as your forecasted the EU started to run out of steam in the 2610-20 area and a lovely sell trade was set up again. We have cleared your first target of 2550 and after getting to 2516 early on you expect another test certainly between 2520 and 2500 in the next few hrs.
Have a great Friday
Regards
Peter
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