Previous: EUR/USD – Anticipating Consolidation Resistance (6/14)
EUR/USD 1H Chart 9:57AM EDT 6/15/2012
The EUR/USD was unable to make it to this week’s high at 1.2666. However there is no sharp Friday (6/15) sell-off neither heading into the weekend. We have the Greek election on Sunday 6/17. In fact since 6/12, the market has been bullish on the optimism that even if the election does turn sour, that central banks and European officials are ready for it. At least that’s what the headlines are telling us.
It would be very fitting for the EUR/USD to come back toward the 1.2540-1.2450 area, near the 200-hour SMA and “central pivot” of the range we are setting up with end of last week and this week’s price action.
When we begin the next week, after the market reacts to the Greek election, a break below 1.24 is likely an indication of bearish continuation, with 1.2285-1.23 (June low), as first key levels to test.
A break above 1.2666 opens up 1.2720 and then 1.2820 pivots.
EUR/USD 4H Chart 10:00AM EDT 6/15/2012
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Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist of FXTimes – provider of rex News, Analysis, Education, Videos, Charts, and other trading resources.
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.
