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05-27-2012, 01:37 PM
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EURUSD: Extends Bearish Momentum, Pressure Builds On Key Support.
EURUSD: With EUR decisively violating the 1.2620 level the past week, it is entering the new week vulnerable. While holding below here, the risk is for it to weaken further possibly towards the 1.2479 level. A cut through there will allow for more declines towards the 1.2300 level and then its distant support located at the 1.2149 level. Its weekly RSI is bearish and pointing lower supporting this view. Alternatively, the pair will have to break and hold above the 1.2824 level to annul its present downside and bring further upside gain towards the 1.3000 level. Further out, resistance resides at its April 14’2012 high at 1.3146. All in all, EUR remains biased to the downside medium term
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Mohammed Isah Technical Strategist info@fxstrategy.com www.fxtechstrategy.com Note: This is an excerpt from The Professional Suite, our most popular service, a daily 7 currency model technical research package. Get More Information 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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