EUR/USD Bearish Outlook for August 09, 2012 (Daily Strategy) 2012-08-09
The euro was affected by the ECB downgrading of growth expectations for the euro area by 2013 from 1% to 0.6%, which resulted in euro sale during the last hours. At this time the pair is trading near the 1.2307 weekly support and is likely to demonstrate a rebound to the resistance of 1.2345, this level has served in previous days as a strong resistance. We recommend selling with objective at 1.2210. Both, the MACD and trend indicators are showing a deeper downward sequence.
