EURUSD technical outlook for Week 30 2012

FX:EURUSD   Euro / U.S. Dollar
It seems like something woke up the Bears again. :)

After a couple of days of consolidation price ran out of space in a triangle and the bulls lost the battle.
Friday was all about the bears pushing for lower lows but found support at last week weekly S1.
Monthly/weekly/ daily charts are looking bearish aswell indicating its likely we could move lower to 1.21 and the level everyone is talking about...the 1.20 level.

Hopefully we wont just tanked further straight to 1.20 (and beyond) so we can have a better price to reenter (or add to our position) at a fair price.
Im looking at the area around 1.22 for resistance or the trendline that seem to hold pretty well last week.

For the Bulls...not in play unless we find support at the area around 1.235

Good hunting!


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