EURUSD: Further Bear Momentum Set For The 1.2456 Level

Filed in Gold by on May 9, 2010 0 Comments

EURUSD: Further Bear Momentum Set For The 1.2456 Level EURUSD: With a break of the 1.3113 level triggering a sharp sell off through the pair’s key support levels at the 1.3000 level and its April 19’09 low at 1.2884 the past week, we envisage further declines towards its Mar 08’09 low at 1.2555 ahead of its 2010 low at 1.2520. Below that level will allow further weakness towards its key support at the 1.2456 level, a major chart level which should offer a significant support if tested. Its weekly studies are bearish and pointing lower supporting this bearish view. On the contrary, if a build on its recovery activated on Friday is seen, further up move should develop towards the 1.2884 level and then the 1.3000 level, its psycho level. We expect these two key levels to reverse roles and provide support thus turning the pair back down again. Further out, resistance resides at the 1.3113 level, its April 28’10 low. All in all, EUR’s bearish momentum remains intact having held firmly below the 1.3000 and 1.2884 levels at the end of the week. Attached Images

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EURUSD: Further Bear Momentum Set For The 1.2456 Level

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