EUR/USD daily outlook
Wed, May 2 2007, 06:05 GMT
by
InnerFX
- InnerFX
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The third test of 1.3680 failed and the Euro declined on yesterday, finding temporary support around 1.3600 but then resuming the decline during today's Asian session. Support is currently formed at 1.3555 backed by 1.3525 and 1.3500. Resistance emerges at 1.3600 followed by 1.3620 and 1.3680. The daily studies are slightly bearish now due to the slip below 1.3600, hourly charts are neutral. The Euro needs to finds support again in the 1.36 area and then launch the potential new tests aiming towards the 1.37 area. It looks like it is recovering now but we won't dare to look higher until the 1.35 area will be safe. Current quote is 1.3588 @ 06:00 GMT