EURUSD Technical Analysis for May 22, 2013

The EURUSD is recovering a bit after it had fallen last week but this may not indicate a change of trend in the pair at the moment.

The EURUSD is approaching the resistance level 1.2944, which may make a bearish rebound and fall back to the support at the 1.2823 level. If EURUSD breaks that support, is expected to be completed to form the higher low pattern, to continue falling to the nearest support level at 1.2700. On the other hand, if the EURUSD breaks the resistance at 1.2944 level, its expected to visit again psychological resistance at 1.3000. The sessions for today and tomorrow, will be decisive for the EURUSD, due to the importance of the economic data to be published, especially in the United States and it produces high volatility in all USD pairs, so I recommend make trading with caution and only if, the EURUSD breaks the levels that I recommended in this article.
The MACD indicator is entering neutral territory and showing signs of extreme oversold, so we must be careful when executing buy orders in this pair, because the orders would be against the general trend bearish.

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