Wednesday, May 30, 2012

EUR/USD ~ Update ~ 30 May 2012

After 1.26 was breached last week the EUR/USD continued its decline and is now at the support area at 1.2400-50ish:

As you can see in above chart the current decline from 1.49 would form a nice shoulder of a huge inverse H&S.

Obviously this is all speculation so let's have a look at the medium-term trend. The medium-term trend is still down, ever since 1.30 has been broken. If we get a convincing break of 1.26ish though then I'd turn bullish again (target 1.3).