EUR/USD Hammering on 1.2150

 @ibtimes
on June 01 2010 9:26 AM

ftu_060110_eurusd

  • Daily and 4H: The EUR/USD continues to hammer on the 1.2150 support, breaking is and almost reaching 1.21. The daily chart shows a swing projection to 1.17 if the current support breaks. The RSI is bearish is crossing below its SMA5.
  • The 4H chart shows the market still in consolidation, RSI showing bearish bias.
  • I am watching for a minor pullback, but a break seems imminent towards 1.17.
  • However, there is always the scenario of further consolidation, and until a clean break, there is still the scenario of reversal.
  • A rally should have limited outlooks of 1.2450 and 1.2650.

Fan Yang  Currency Analyst Commodity Trading Advisor

Share this article