May 29, 2012

EURUSD Trend update

  • Trend continues to be strong in favor of EURUSD bears.
  • Previous support of 1.2623 in daily chart may continue to act as resistance. Ranges in hourly charts may give breakdowns if price continue to remain below 50 period SMA or the Cloud of four hour chart. 
  • One hour chart shows positive divergence which may not give more than a bounce because of the strong down trend.

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