May 29, 2012
- 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.
- SPY WEEKEND UPDATE
- Targets for the current up move can be the 200 SMA or the channel shown in second chart. For bulls price should sustain above 20 Day SMA. Daily close bwlo 20 SMA will be negative.
- For a larger up move to happen last chart is crucial. Price is trying to stay above the weekly channel resistance line. Sustaining above it could lead to bigger up moves. Another fall into the channel will favor bears.