EUR/USD: Short-Term Recovery Higher Favoured
EUR/USD: Short-Term Recovery Higher Favoured - MIG Bank - June 3/13
EUR/USD has broken its resistances at 1.2998 (22/02/2013 high) and is challenging the one at 1.3051. Short-term structure remains mildly bullish and while above the 1.2746 May 2013 low, scope is seen for a continuation of this near-term strength.
In the medium-term, the recent price action from 1.2746 (04/04/2013 low) is viewed as a corrective phase within a larger downtrend. The recent break of the resistance at 1.3029 (14/05/2013 high) suggests a longer horizontal consolidation before an eventual move lower.