22.05.201210:22 Forex Analysis & Reviews: EUR/USD Buy above 1.2775 - May 22, 2012 (Daily Strategy)

Long-term review

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The euro – US dollar pair is still trying to recover from the downward pressure, at the moment it is trading at 1.2750 below the weekly pivot, a daily close above the 1.2775 level will increase the likelihood of a growth to 1.2900. On the other hand, according to the Fibonacci levels, the euro can go back to 61.8% zone, we recommend buying at this level with a stop loss well below the minimum of 1.2645.
We therefore recommend buying above 1.2775 with targets at the first weekly resistance of 1.2908.

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