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EUR/USD Weekly Technical Levels for May 28 - 31, 2012

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Technical outlook and chart setups:

The GBP/CHF pair has dropped to 1.4100 levels and pulled back forming an engulfing bullish candlestick pattern. It indicates that short-term rallies can be expected from here towards at least 1.4300/1.4450 levels before the pair could turn back lower again. It is recommended to stay flat for a while and look to sell rallies into 1.4450 levels. Immediate support is seen at 1.4100 (interim), while resistance is seen at 1.4300/1,4450, 1.4700 and higher respectively. Bulls could be poised to take control at least to 1.4400/50 levels from here.

Trading recommendations:

Remain flat for now. Look to sell higher again.

Good luck!

Mourad El Keddani neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door portal. Als u zijn artikel goed vindt, stemt u dan op hem.

Uitgevoerd door, Analytische expert
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