EUR/ USD Daily Technical Analysis June 27, 2012

Amy Forex

Member
90 0
Dear all,

The EUR/USD slipped yesterday to reach the 1.2439 level, then it bounced back to test the 1.2505 level.

However, we notice that the daily candle has closed below the Moving Average 5 and below the Ichimoku main support level, and this confirms the bearish trend.

We notice on the daily chart, that the prices are in the step of forming the Double Bottom which confirms the retreat of the prices again towards the main support level of $1.2439, and should it breach down this level, it would decrease further towards the 1.2406-1.2380 area.

Concerning the 1 hour chart, the following indicators: MAC.D, CCI, Parabolic Sar and Aroon give us a signal of upward movement on the short term.

So we expect that the Euro will recover at the beginning of today trading to test the 1.2516-1.2530 area, this area represents a great opportunities to enter a sell positions, but we advice our dear traders to enter a stop loss at $1.2590 which represents the main resistance level.



Nice trading all ;)
(Source mbcfx.com)
 

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