Forex4you Technical Analysis 21 May 2012

EUR/USD: Technical Analysis

The key reversal on Friday indicates the bullish rebound will probably continue higher. Today, however, we are pulling back, probably temporarily, perhaps down to the 50% retracement of the previous rally at 1.2725. This could be the B wave of an ABC with C still to come. When the correction has completed it could start to rally again with an upside target, initially, at the previous highs of 1.2810 but then probably at wave equality with A, at 1.2915, also filling the open gap there.

Analysis by: Joaquin Monfort
Forex4you analyst

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