Technical analysis of forex market May 7,2012

1.3006 to the euro this morning after the election of a governing Socialist France and Greece in the cacophony. If the French election was anticipated by the markets, concerned about the situation in Greece this morning. Indeed, no majority is exit polls and more importantly, anti-rigor parties may prevent the continuation of the implementation measures necessary to remedy the country and cause the end of the financial assistance Europe. Our advice in the morning, 1.30 and 2980/70 are our media. Parity has often bounced off these levels then the rash can be placed on the purchase with stoploss below 2970, between 65 and 55. The objectives are to increase the return on 3080. Attention since 3050 will act as intermediate resistance, causing a beginning of a range.

On the downside, sellers should come and put on either 3050 or 3080 with stoploss above 3095 and until 3105.
Finally, and even more in 2970, a decline could be like 2920 or 2880 objectives.

Nevertheless, it is likely that this morning with the financial center of London closed due to “Bank Holliday.” The market should remain above 1.30 and 2980/70. Also, for you to play this range or consolidation 1.30/3050 2980/3050.

As might think parity is consolidating after the fall of that night. The UK market is closed some traders take risks today. Especially since there are no statistics on the program. Our board of the afternoon, as this morning we will play in the consolidation 3050. Vendors should be on these levels with stoploss above between 3055 and 60. The goals are a return of 1.30 with 3020 and 3010. On these points some buyers should try to keep the euro above 1.30 with stoploss between 3005 and 2995. However if and when we pass under 1.30 Eurodollar could test the lows back supports 2980/70, points to rebound tonight.

Buyers at these levels are present in greater numbers and until 2950. There is talk of a barrier option in 2950 with stop above buys and sell stop just below 2945. A passage in 2945/40 should send to 2920/10.
In conclusion, it is best to play the points of the range 3050/1.30 or 3050/2980 with proper stoploss.

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