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EUR/USD Technical Analysis - May/16
Written by Praful Patat   
Monday, 16 May 2011 05:05

EURUSD broke inner up trend line on 4 hour chart and going toward outer trend line to test. EURUSD also reversed from 127.2% (1.4750), 161.8% (1.5341) of 1.4287 to 1.2580, now EURUSD will retrace toward 1.3907, 1.3665, down trend pass there. EURUSD break of daily PP (1.4173) further going up side toward 1.4277 next target and break of 1.4003 next target 1.3909 on intraday. EURUSD won’t break of 1.4003 support then retracement possible toward 1.4385, 1.4595.

Pivot Point: R3-1.4446, R2-1.4342, R1-1.4277, PP-1.4173, S1-1.4069, S2-1.4004, S3-1.3900.

20110516_eur