Forex4you Technical Analysis 15 May 2012

EUR/USD: Technical Analysis

Eurodollar has bounced off the monthly pivot at the 1.2820 level and begun rising sharply. This is probably a short-covering rally before the larger down-trend resumes. We could see it rise up to the consolidation level at 1.2925/35 and then roll-over. After that, the major down-trend should push the pair lower and reach the target from yesterday's measuring gap at 1.2730, before probably retouching the 1.2625 lows.

Analysis by: Joaquin Monfort
Forex4you analyst

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