Forex4you Technical Analysis 03 May 2012

EUR/USD: technical analysis

Yesterday's move down was strong and I think it is likely there will be a continuation lower to the support level and H&S neckline at 1.3000. However, at the moment the pair has consolidated on the 50-day moving average and it may bounce higher to 1.3200 before any resumption of the down-trend, as momentum looks poised for a bounce and the hourly candlesticks turn more bullish.

Analysis by: Joaquin Monfort
Forex4you analyst

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