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Forex4you Technical Analysis 28 May 2012

EUR/USD: Technical Analysis

A shooting star on the 4-hr chart is warning of further downside and there is the possibility of a bearish move to fill the gap at 1.2520. Beyond that the outlook is balanced as the head and shoulder's pattern has reached its downside target at 1.2525 and Friday formed an inverted hammer which could forecast more upside. If today remains above Friday's lows then it is possible there will be a reversal upswing, reaching 1.2642 at first and then 1.2700.

Analysis by: Joaquin Monfort

Forex4you analyst

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