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EURUSD Daily Forecast: May 21

: 05/20/2012 09:37

EURUSD Forecast
The EURUSD attempted to push lower on Friday, bottomed at 1.2641 but whipsawed to the upside, closed at 1.2779 and hit 1.2812 earlier today. The bias is bullish in nearest term testing 1.2830 – 1.2875 but as long as stays below 1.3000 any upside pullback now is normal and the overall technical bias remains to the downside and I still prefer to sell on rallies. Immediate support is seen around 1.2750. A clear break below that area could lead price to neutral zone in nearest term. We need a clear break and daily close at least back below 1.2700 to give another chance for the downside pressure testing 1.2625 support area or lower.

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History

05/20/2012	Daily Forecast for Crosses: May 21
05/20/2012	GBPUSD Daily Forecast: May 21
05/20/2012	USDJPY Daily Forecast: May 21
05/20/2012	USDCHF Daily Forecast: May 21
05/20/2012	EUR/USD Forecast Review 21 May 12

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