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Old 05-05-2012, 06:21 AM
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Mohammed Isah Mohammed Isah is offline
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Default Monthly Technical Outlook, May 2012: EURUSD

EURUSD: With the pairís weakness spilling into May, there is likelihood of further declines as the month progresses. In such a case, the 1.2993 level will come in as the immediate support where a breach will pave the way for a run at 1.2620 level, its Jan 2012 low. A cut through here will set the stage for more declines towards its 200 monthly ema at 1.2536 level where a break will turn attention to its key support at the 1.2192 level. Its monthly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.3378 level where a violation if seen will call for a move higher towards 1.3484 level. Further out, the 1.3872 level will come in as the next upside target. Overall, EUR remains susceptible to the downside as it looks to weaken further.
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This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.
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