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EUR/USD 15-min Chart 10:00AM EDT 6/12/2012

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 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

EUR/USD

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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.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.