forex trading outlook today -eur-usd trend chart for may 16 2012 : EUR, EUR/Crosses vulnerable to more downside, given heightened risks that Greece may exit Euro, as Greek head to the polls again in mid-June after failure to form a Greek coalition government. Risks of Eurozone contagion, sweeping through the markets, and many banks and institutions, Central banks and governments are likely to have come up with contingency plans in event of Greek euro exit and also any implications of the Eurozone future as a whole
EURUSD’s downward movement from 1.3283 extends to as low as 1.2722. Further decline could be seen after a minor consolidation, and next target would be at 1.2650 area. Resistance is at 1.2800, followed by the
downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.
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