FX.co ★ EUR/USD Rebound 1.2902 Key Level - For December 07, 2012 (Daily Strategy)

Yesterday the EUR/USD pair fell very strong after the conference of Mario Draghi talking about the fact that growth is near null in the eurozone until 2014. This statement hit hard on the euro, which rapidly loses its tendency slightly bullish in the short term.

At the technical level, the euro is in front of his weekly support 1.2902. It is likely that with the opening of the American session, there may be a downside rally last. So we recommend waiting and after one hour we make the decision to suggest even if the price is below 1.2902 support, wait to start bouncing above weekly support. You can buy only if the price of the pair is above 1.2902.

A weekly close below 1.29 increases the likelihood of a continuation of the downtrend which could push the euro to 1.28.
We recommend caution.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com