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EUR/USD In Downtrend, Hits 1.2470

Published 05/30/2012, 08:13 AM
Updated 05/14/2017, 06:45 AM
EUR/USD
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EUR/USD:

1.2456    

Very Short-Term Trend: Downtrend    

Outlook: As expected EUR continued its decline and easily achieved our target at 1.2470. Now, the hourly downtrend remains strong and despite the oversold conditions I expect further weakness today twd the next downside objective at 1.2350. The question is, how to re-enter this market. Maybe on a small recovery from here (if it occurs) against 1.2520/25 chart resistance.

Strategy: The hypothetical short position from 1.2572 raached its objective at 1.2470 (102 pts profit). Shorts favored again on a recovery here against 1.2530.   

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