Technical Analysis: EUR/USD 2012.05.15
The pair continues declining towards the 1.2625 low. However, daily studies are oversold, suggesting that a corrective bounce should be expected from current levels towards the nearest 1.3000 resistance. A break back above this level could trigger a rebound towards the 1.3110-1.3150 resistance area, right where the 100-Day SMA and the 50-Day SMA reside, with a break above to continue gains towards the 200-Day SMA by 1.3400. Edward Smith, technical analyst of company Admiral Markets. At any use of the analytical material taken from a site of company Admiral Markets, and the secondary publication on any other resources, the rights to intellectual property for a dealing centre «Admiral Markets», the reference to a company site is obligatory.