DislikedEuropean Forex Technicals : EUR/USD Rally Closes In On 1.2500
21 Jun 2010, 08:22
By Francis Bray
A DOW JONES NEWSWIRES COLUMN
Intraday :
EUR/USD :
Another strong start to the week for the euro following Monday's push above 1.2417, and resistance at the psychologically-important 1.2500 is the immediate threat. While support at 1.2339/50 holds, near-term bulls will attempt to force a break above 1.2500/10. Having confirmed the June 7 reaction low at 1.1876 as a bear failure low, there is room for further strength towards 1.2586....Ignored
Based on my charts and TA, I think we are still in an overall bearish trend, and the past few days were merely a short term bullish phase i.e. retracement. Only beyond 1.3000 will the bearish trend be broken. My opinion.