EUR/USD: Technical Analysis
The rebound from the 1.2510 lows this morning looks vulnerable to breakdown and there is a bearish shooting star on the hourly sitting on the 50 hour MA, which could signal a retest of the lows again and either a basing process will start or the pair will fall even lower. If there is no retest, however, and the rally extends higher, a possible target to the upside could be the 1.2645 level where the monthly and weekly pivots are clustered.
Analysis by: Joaquin Monfort
Forex4you analyst
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Forex4you Technical Analysis 25 May 2012
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