EUR/USD: bounce possible

Daily Forex Reports | by Forex4you | Thursday, 12 July 2012 08:40 UTC
Eurodollar has fallen to close to support at 1.2200 from where it will probably bounce. This is at the level of the lower line of a bearish wedge seen on the daily chart. RSI is also showing strong bullish convergence on the 4-hour chart. A reversal in the price itself is all that is needed now for confirmation. The upside target would be the 1.2325 range highs. On the other hand a decisive break below 1.2200 would continue the bearish trend down, targeting the monthly pivot at 1.2105.

Written by Forex4you

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