Daily Technical Update
May 13, 2010

EUR/USD Tests 1.2520; Eyes 1.2350



4H: Following yesterday’s EUR/USD update, we see that the 1.26 broke as support, and the market is now looking to break the previous minor low at 1.2520.
A break below this suggests the swing projection will materialize to complete near 1.2350. Note this is near the 150% extended retracement of a rally that was 61.8% retracement of a previous downswing, in my opinion a proportionate move.
Fan Yang
Currency Analyst
Commodity Trading Advisor

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