Technical Analysis Of the Day By ACFX

[indrajeet]

EUR/USD technical analysis by acfx
Possible range
The daily range based upon the most recent Average True Range readings is 116 pips. This implies that EURUSD could potentially trade between 1.2220 and 1.2452.
Long scenario
Conservative long above 1.2624 being the last daily fractal low is in play.
Aggressive long into the deferred MA’s.
Short scenario
Conservative short beneath 1.2496 being the last daily fractal low.
Aggressive short pullbacks into the deferred MA’s
http://blog.acfx.com/technical-analysis

[indrajeet]

June 6th, 2012 market outlook by ACFX

Currencies   
EUR/USD
The dollar slid versus most of its 16 major peers as Asian stocks advanced amid speculation officials from the world’s leading economies will collaborate on a response to Europe’s crisis, damping demand for haven assets. The dollar lost 0.3 percent to $1.2488 per euro as of 11:12 a.m. in Tokyo. The U.S. currency fell 0.1 percent to 78.70 yen. The euro gained 0.2 percent to 98.29 yen after rising 1.3 percent in the previous three days. The so-called Aussie climbed 1 percent to 98.40 U.S. cents and advanced 1 percent to 77.46 yen.
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