FX.co ★ EUR/USD Key Level 1.30 for may 23, 2013 (daily strategy)

During yesterday's American session, the euro managed to go up to 1.30 resistance. As this level is very strong and considered as a psychological level, and as far as the quote is below this level and below the 200 EMA, it is likely to continue the downward trend in the medium term. However, in the short term we expect this pair to remain above 1.2877 fractal, therefore, we suggest buying at current levels with the goal at 1.30. Moreover, we recommend selling at this level with targets 1.2877 and 1.2599 for the medium term. On the other hand, the technical indicator is in the tricky area: if the moving average of MACD decline, we should wait a daily close above 1.30 to change our bearish outlook. We expect the signal to be confirmed during the next few days.

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