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Forex Technical Analysis
by Stoyan Mihaylov
Date:
16.05.2012
Major Currency
Pairs:
EUR/USD
USD/JPY
GBP/USD
May 16, 2012 - Current level - 1.2698
The downtrend here is pretty strong and the focus is set at 1.2624 low before larger consolidation pattern, which will aim to correct the whole slide from 1.3282. Crucial from an intraday point of view is 1.237 resistance.
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May 16, 2012 - Current level - 80.34
Today's break above 80.16 defines the intraday bias as positive, and my outlook is bullish for a break through 80.60, en route to 81.80. Initial support is projected at 81.16 and crucial on the downside is 79.80.
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May 16, 2012 - Current level - 1.5960
The bias here is absolutely negative after the recent break below 1.6050 and initial major support is projected around 1.5830. My outlook is negative, for a continuation of the current slide towards 1.5830 with a minor intraday resistance at 1.5980 and a major one at 1.6050.
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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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