FX.co ★ EUR/USD candlestick analysis for 19/05/2010

On a 24-hour chart a combination of candlesticks In-Neck has formed, signaling the continuation of the falling movement which has confirmed thereafter.
This model of candlesticks shows that the currency pair made a strong decline from the mark of 1,3105, after being unable to break through the resistance level. Further on, after hitting 1.2232, EUR/USD has rebounded upwards, however, it has not managed to close above the middle of the candlestick of last day, which is a bearish signal. The yesterday’s break through 1.2232 confirmed this viewpoint.
At the moment the currency pair is targeted to 1.1660 – the low of November 2005.