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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