EUR-USD for May 23 2012

forex trading outlook today - EUR-USD prediction May 23 2012 : The euro dipped to as low as around $1.2643, just barely above last week's trough of $1.2642 and not far from its 2012 low of $1.2624 set in January. A drop below the January low would take the euro to its lowest level since August 2010.

The euro's drop had accelerated the previous day after Dow Jones quoted former prime minister Lucas Papademos as saying Greece had no choice but to stick with a painful austerity program or face a damaging exit from the euro zone, a risk he said was unlikely to materialize but was real.

"The (Papademos) comments were like very strong poison, and the market got flung around by them," said Satoshi Okagawa, senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore.


Today's support:
- 1.2643 and 1.2600(main), where correction is possible. Break would give 1.2582, where correction also may be. Then follows 1.2540. Break of the latter would result in 1.2524. If a strong impulse, we would see 1.2508. Continuation will give 1.2479.

Today's resistance:
- 1.2757, 1.2825, 1.2881 and 1.2915(main). Break would give 1.2938, where a correction is possible. Then goes 1.2957. Break of the latter would result in 1.2983. If a strong impulse, we'd see 1.3011. Continuation will give 1.3056.

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