Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

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Thursday, May 24, 2012

EURUSD - Strong support at 1.2500. 2012.05.24

The EURUSD cross reached the 1.2500 support area this morning as the EU leaders failed yesterday to reach an agreement on common European bonds.

Technically, the daily chart shows a descending triangle formed in the February – May time range and the classic target is in the 1.2500 area. A broader support zone stands between the 1.2500 and 1.2630 levels as the lows of August 2010 and January 2012 are representing a key level.

If a reversal pattern will form in this area and the bad European news will fade, the euro will bounce towards the 1.2800 level (T1 trend line) in the first stage.

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