03rd May - EUR/USD Caught in a Range
03 May 2012
WEEKLY CHART:
See how clear support came from the 76.4% retracement area in Jan. Recovery has been muted so far.
DAILY CHART:
After earlier finding resistance from the 38.2% recovery level the market has turned consolidative.
Interesting support emerged near to the 1.2973 16-Feb low area, which marks the base of the current range. A break through this would be a fresh negative sign.
Meanwhile, overhead, the bear channel top at 1.3300 offers first resistance. A breach of this would be a modest positive sign, turning focus on the 38.2% resistance next. A breach of the latter would be a green light for the bulls.
Next story:
3rd May - Bunds lead the pack higher 
Previous story:
03rd May - Coffee Downmove Temporarily Loses Momentum