acetraderfx
AceTrader.com Representative
- Messages
- 1,109
AceTraderFx May 12: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK
Update Time: 12 May 2016 04:08 GMT
EUR/USD - 1.1427
Despite the single currency's retreat to 1.1359 on Tuesday, subsequent strong rebound to 1.1447 yesterday suggests the decline from last Tuesday's 8-month peak at 1.1617 has possibly made a temporary low there and consolidation with upside bias would be seen for gain towards 1.1481.
However, near term loss of momentum would prevent strong gain above there and reckon resistance at 1.1530 would hold and yield retreat.
On the downside, only below 1.1375 would revive bearishness for stronger retracement of recent uptrend towards 1.1341, then 1.1300/10.
AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in FX market since 1984, with proven analytical approach used by professionals and real-time updates
Update Time: 12 May 2016 04:08 GMT
EUR/USD - 1.1427
Despite the single currency's retreat to 1.1359 on Tuesday, subsequent strong rebound to 1.1447 yesterday suggests the decline from last Tuesday's 8-month peak at 1.1617 has possibly made a temporary low there and consolidation with upside bias would be seen for gain towards 1.1481.
However, near term loss of momentum would prevent strong gain above there and reckon resistance at 1.1530 would hold and yield retreat.
On the downside, only below 1.1375 would revive bearishness for stronger retracement of recent uptrend towards 1.1341, then 1.1300/10.
AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in FX market since 1984, with proven analytical approach used by professionals and real-time updates