Forex Technical Analysis 2012/15/05 (EUR/USD, GBP/USD, USD/CHF, USD/RUR, USD/CAD) Forecast FX
14.05.2012 / 19:02
Forecast for May 15th, 2012
The EUR/USD currency pair continues moving downwards, however, I still don’t recommend to sell it from the current levels. At the daily chart the RSI indicator is testing the support line, we should expect it to rebound upwards. Also we can see that the price has reached all the targets of the descending mirror pattern. The best scenario is to wait until the price forms reversal patterns at shorter time frames and then try to buy the pair.
Analyzing the mirror structure we can see that the targets of the growth are in the area of 1.3350. We recommend to stay out of the market for a while.