Forex Technical Update
EUR/USD 15-min Chart 10:00AM EDT 6/12/2012
The 15-minute EUR/USD chart shows the market holding the EUR/USD above 1.2450 so far int he 6/12 Asian-European sessions. As we get into the US session, the market is testing the intra-session trendline.
A hold below 1.2475 suggests a test of the 1.2450 area. A break below 1.2450 is also a break below a rising trendline of a higher degree seen in the 4H chart. This opens up the 1.2405 support pivot, and the 1.2285-1.23 lows.
Failure to hold below 1.2475 might see a push toward the 1.2540 pivot level. If the market can push above 1.2550, then we are possibly looking at extension fo the corrective rally. Otherwise, price action so far suggests the bearish outlook.
EUR/USD 15-min Chart 10:58AM EDT 6/12/2012
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist of FXTimes - provider of rex News, Analysis, Education, Videos, Charts, and other trading resources.
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