Daily Forex Analysis – May 21, 2012

Daily Forex Analysis â€" May 21, 2012

[unable to retrieve full-text content]by forexcycle.com EURUSD Analysis. Being contained by 1.2624 (Jan 13 low) support, EURUSD rebounds from 1.2642 and breaks above the downward trend line on 4-hour chart, suggesting that a cycle bottom has been formed at 1.2642. Range trading between 1.2642 and 1.2900 would likely be seen in a couple of days. Another fall to re-test 1.2624 previous low support could be expected, a breakdown below this level will signal resumption of the long term downtrend from 1.4938 (May 4, 2011 high) ForexNews.com