Pre-EU Summit Charts to Watch 6/28/12

Regard setbacks as opportunities to grow. Learn from them; research them; use them to propel you forward. ~ Dan Zadra

Good morning. Euro is recovering from recent lows ahead of EU Summit, which begins later today.

EURUSD

Euro struggles to recover on EU Summit risk-on trade, currently facing resistance around 1.2530. Should the recovery continue, next barrier to watch is formed around 1.2570

Market sentiment: intraday – bullish, short-term – bearish

EURUSD hourly 6-28-2012

EURUSD hourly 6-28-2012

4hrs chart:

EURUSD 4hrs 6-28-2012

EURUSD 4hrs 6-28-2012

daily chart:

EURUSD daily 6-28-2012

EURUSD daily 6-28-2012

USDCHF

Dollar pulled back after a second failed attempt against .9650, so it’s time to keep an eye on this horizontal support line at .9590/00

Market sentiment: intraday – bearish, short-term – bullish

USDCHF 4hrs 6-28-2012

USDCHF 4hrs 6-28-2012

GBPUSD

There’s probably some more selling just around the corner, as yesterday’s sell-off suggests.

Market sentiment: intraday – neutral, short-term – bearish

GBPUSD 4hrs 6-28-2012

GBPUSD 4hrs 6-28-2012

EURJPY

Although support at 99 held and there are two candles suggesting that support is strong, the recovery which followed the last support test is not convincing. Therefore, a plan to consider is selling on the potential breakdown, as it could turn volatile

Market sentiment: intraday – bearish, short-term – bearish

EURJPY 4hrs 6-28-2012

EURJPY 4hrs 6-28-2012

NZDUSD

The Kiwi dollar is recovering after testing support layer formed by the MA bands not too far above .7800. More bets on positive news from the EU Summit should easily propel it to resistance around .8060

Market sentiment: intraday – bullish, short-term – bullish

NZDUSD daily 6-28-2012

NZDUSD daily 6-28-2012

GBPCHF

Support formed by former top zone has been tested and so far it held, so it seems that buyers are not giving up.

Market sentiment: intraday – bullish, short-term – bullish

GBPCHF 4hrs 6-28-2012

GBPCHF 4hrs 6-28-2012

EURGBP

It is still in free-fall mode and recent support is now providing resistance around .8025. It’s quite hard to find a single reason to buy this pair

Market sentiment: intraday – bearish, short-term – bearish

EURGBP 4hrs 6-28-2012

EURGBP 4hrs 6-28-2012

have a great day!

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