Good morning traders,
The EUR/USD prices decreased towards the 1.2359 level due to worries and fears about the referendum in Ireland and about Spain and Euro debt crises.
Today the prices slipped during the Asian trading session .The Euro may find support at the 1.2307- 1.2295 area .
Should it breach down this level, this will confirms the bearish trend of the prices towards the next main support level of 1.2263 .
We notice on the 4 hours chart that the prices are trading within a bearish channel but it did not succeed in breaching the bottom level of this channel.
As we can see on the chart the forming of the Divergence between the prices trend and the Stochastic trend.
This is a signal that, in the case that the prices will not succeed in breeching down the main support area of 1.2307-1.2295.
It may retest the resistance level of 1.2412 then the 1.2472.
Nice trading all
(Read more http://www.mbcfx.com/news/news_en01_06.html)