EUR/USD Bearish Outlook for July 17, 2012 (Daily Strategy) 2012-07-17
The Euro failed to break the 1.2315 during the last hours, and short term uptrend is doubtful. Only overcoming of that level will give strength to the euro over the next few hours. According to the Fractals indicator, we noticed a strong resistance in the euro around 1.2408; this level will be the final test for the change in the euro downtrend. Given that there is no relief from this crisis that adds pressure on the euro, we believe that the downtrend will continue. Therefore, we recommend sell at 1.24 or 1.2408 with targets up to 1.2150. The trend indicator shows bullish strength.