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US Dollar Bullish After Osama’s Death

Posted, by FXalhabib on May 2nd, 2011

EUR/USD is trading below last weeks high of 1.4880. Intraday bias remains on the upside, as long as the 1.4492 minor support line is not broken. On the downside, if the 1.4492 minor support line is broken it will reverse the bullish sentiment to bearish bias and target the 1.4325 major support line. The Dow Medium Swing [Bullish] from the 1.3427 support was the last major (33% to 66%) swing for the currency pair and has lived up to its bullish expectations for the past 80+ days. On the upside, if the 1.4880 high is broken it will continue the bullish sentiment and target the 1.5144 major resistance line. The minor Dow Primary Movement [Bullish] from the 1.2872 support is holding the bullish trend firmly.

Authored by, FXalhabib
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