Technical Analysis: EUR/USD 2012.05.24
May 24, 2012 12:51
The pair broke below the 1.2625 low, thus confirming the medium-term declines ahead of 1.2000. Any recovery is expected to be capped ahead of 1.2600-1.2800. Only a clear break above 1.2800 would negate our outlook and confirm gains towards the 100-Day SMA by 1.3100.
Edward Smith, technical analyst of company Admiral Markets.
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