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EUR/USD Market Recap 05.06.12
Today in the Asian session, EUR/USD broke through the daily low of May 25th (pink line) and market found some resistance in the price zone of the prior consolidation (red circle) and the gap (brown lines) at about 12543. From there, EUR/USD returned sharply and found some support at the 20 SMA on the 4-hour chart, the consolidation (blue circle on 4-hour and red triangle on hourly chart) and daily's S1 at about 1.2410. In the following market moved up a bit to the daily pivot (1.2467) where price found resistance whereby the weekly pivot (1.2444) provided support and resistance depending on price action on the 5 min chart (not shown).
The 1 hour chart below shows yesterdays consolidation (red triangle), which gave some support in todays trading session.
Im thinking a little bit more jumping between Mid 1.24 and 1.26 before a full trend reversal upwards. Buy orders when it starts trending up from 1.24 range, close around 1.26. Play that for a bit until we get something strong enough to push towards the 1.30's
** I would stay away from any sell orders for the time being**
Last edited by jskateborders; 06-13-2012 at 01:01 AM.