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02.05.2012 05:22 PM
EUR/USD Bearish Outlook for May 02, 2012 (Daily Strategy)

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The Euro - U.S. dollar pair falls sharply during the European trading session on Wednesday because of the unemployment data in Germany. Yesterday the pair was trading in the negative area. Thus we saw a bearish correction.
If we look at the chart we can see that the pair has broken its uptrend line and in the short term it is likely to continue the downward trend. In the medium term it is now near a weekly support level and can give a correction upwards.
Therefore, we recommend selling on the Pullback to its uptrend line that has been broken with the targets to 1.3042.
Trend indicators show a deeper fall in the long term.

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