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Technicals

EUR/USD Technical Analysis 16 May 2008

16 May, 2008 @ 01:40 am EST
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EUR/USD 1.5488 - 16 May

EUR/USD Open 1.5478 High 1.5543 Low 1.5425 Close 1.5450

The Euro cheapened yesterday against the US Dollar down to 1.5425, after climbing first 1.5545, which are the first support and resistance

levels respectively for the currency couple today. If the downward trend continues, next support is expected at 1.5350, followed by 1.5280.

The upward trend is limited for now by the yesterday's top and first resistance for today at 1.5545, the break of which would lead to next

target 1.5610, followed by 1.5660.

Technical resistance levels: 1.5545 1.5610 1.5660

Technical support levels: 1.5425 1.5350 1.5280

Trading range: 1.5500 - 1.5435

Trend: Downward

Sell at 1.5488 SL 1.5518 TP 1.5448

Yesterday we made +17 pips profit on EUR/USD from the following signal:

6:02 GMT+1 Sell EUR/USD at 1.5491 SL 1.5517 TP 1.5441 exited at 6:14 GMT+1

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