Forex4you Technical Analysis 24 May 2012

EUR/USD: Technical Analysis

The price breached 1.2620 support, which indicated further possible decline towards new local minimums. Trading is currently carried out at 1.2550/40 levels. Indicators are turned down, suggesting to expect new targets to be tested at 1.2470 - 1.2400/1.2390 levels. However, a cluster of strong supports on the way may halt the pair and trigger consolidation with 1.2620/25 resistance as the upper bound.

Analysis by: Arkady Nagiev
Forex4you analyst

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