Forex4you Technical Analysis 30 May 2012

EUR/USD: Technical Analysis

The price declined lower and breached 1.2470 level, mentioned earlier as the target. At the moment the price is attempting to hold below this support, trading is carried out at 1.2450/40 level. If the bears succeed, the next target at 1.2400/1.2390 support will be tested any time soon after. On the other hand, currently forming MACD divergence suggest to be cautious and consider a possibility of the upcoming large-scale pullback. The fact, that the price now resides close to the cluster of strong supports says in favor of this assumption. Bearish R% and SS, however, still suggest lower levels to be possibly tested in the near future.

Analysis by: Arkady Nagiev
Forex4you analyst

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