EUR/USD Technical Analysis - Daily, May 3, 2010

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The daily Eur/Usd graph shows the Euro is still under pressure. It took a dive since the beginning of the day and was trading as low as 1.3205 US Dollars. After the intial shock it gained some ground and increased its value to around 1.3230/35. Still the daily graph doesn't support a strong day for the Euro.

In a shorter period there could be an advance of the Euro to cover about half of its today's loses. On the 1h graph we see there is a chance the Euro to achieve a level of about 1.3260 which happens to be both the MA30 and the 31.8 Fibonacci retracement level of the last week's Euro advance from 1.3114 to 1.3339.
Such a view is supported also by the 30min and 4h graphs.