EUR/USD - Daily technical Forecast

By IBTimes Staff Reporter | May 14 2010 12:58 AM

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EUR/USD closed lower on Thursday and posted a new low close for the year. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signalling that additional weakness is possible near-term. If it resumes this month's decline, the 2009 low on the weekly continuation chart crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.

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