Looks like moving higher to around 1.3043
Resistance: 1.2956 1.2981 1.2994 1.3020-25
Support: 1.2920 1.2900 1.2876 1.2854
MAIN ANALYSIS: The break above 1.2915-25 came as a surprise. Having reviewed the rally from 1.2796, I see that it developed in a rather skewed impulsive manner that explains Thursday's strength. The rally from Thursday's low is just as skewed so do take care. I feel that while the 1.2900-20 supports that we should see further upside progress through to 1.2981, and later 1.2994. Look for a correction of around 60 points before the rally resumes for 1.2994, and later I feel the 1.3043 area (max 1.3077-92.) Keep a look out for any bearish reversal indications above 1.3020-25.
COUNTER ANALYSIS: Only an earlier break below 1.2875-00 would take us back lower, but considering the rather vague structure I wouldn't want to get too bearish. Note the minor pivot support 1.2821 ahead of the 1.2796 low.
MEDIUM TERM ANALYSIS:
24th May: The overall picture remains the same. but it looks like we shall probably see the 1.3043-77 area cap for losses back to 1.2821 and 1.2796. The lower target remains the same at 1.2644.
Only back above 1.3095 would create confusion, and send this back higher.
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Daily Forecast: EUR/USD - May 24, 2013
Published 05/24/2013, 03:01 AM
Updated 07/09/2023, 06:31 AM
Daily Forecast: EUR/USD - May 24, 2013
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