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Forex Technical Analysis
by Stoyan Mihaylov
Date:
21.05.2012
Major Currency
Pairs:
EUR/USD
USD/JPY
GBP/USD
May 21, 2012 - Current level - 1.2780
The downtrend from 1.3282 is already over and the pair is in a ranging mode above 1.2640. After today's precise test of 1.2815 I expect a few ranging swings above 1.2740 support, before next leg upwards, to 1.2910 resistance zone.
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May 21, 2012 - Current level - 79.40
Current rebound above the new low at 79.00 is a corrective one, and I expect it to be limited below 79.65, before next slide towards 78.60 target area. Crucial on the upside is 80.15 resistance area.
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May 21, 2012 - Current level - 1.5832
The low at 1.5731 has been confirmed as a final of the whole downtrend from 1.6303 and current intraday outlook is positive, for a tight test of 1.5890 resistance. A reversal below the mentioned level will provoke a minor consolidation pattern before next leg upwards, to 1.5980. Minor intraday resistance is 1.5838 and support can be spotted at 1.5790.
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These analyses are for information purposes only. They do not post a buy or sell recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources.
The forecasts made are based on technical analysis. However, Deltastock's Analyst Deptartment also takes into consideration a number of fundamental and macroeconomic factors, which we believe may impact the price moves of the observed instruments.
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