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30.05.2012 10:06 AM
EUR/USD Intraday Technical Analysis

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The spot rate is currently testing the lower limit of its medium term bearish channel at 1.2430 and is likley to rebound. However, a breakdown of these levels will release significant potential resulting in more violent bearish trend.

Technical indicators provide buyers signals and as the support remains unbroken, the assumption of a rebound is relevant. Bollinger bands are much discarded due to the strong decline that took place these days. The situation is expected to stabilize soon.

According to previous events the market will provide a bullish opportunity at the level of 1.2430 with the 1st objectives seen at 1.2490 and 1.2510 levels. In case the level 1.2410 is passed through, the proposed scenario will be altered.

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