Technical Analysis: EUR/USD 2012.05.17

May 17, 2012 11:56

  The pair consolidating above 1.2700 and in a short-term could reach the 1.2625 low. Breaking below 1.2625 would open a fresh downside extension towards 1.2000 in a medium-term. However, daily studies are still 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 1.3100-1.3125 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.    

Edward Smith, technical analyst of company Admiral Markets.

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