FX.co ★ EUR/USD - bearish outlook - for April 18, 2013 (daily strategy)

Yesterday during the American session the EUR/USD fell but again managed to stop down the psychological level of 1.30. This morning it has traded with a small upward bias. It is likely that today and tomorrow it recovers losses from Wednesday, but in the medium term this pair has a bearish sequence, which we believe can reach the level of 200 moving average. If the pair closes below this level, the outlook for the euro would be very bearish again; its objective would be at 1.25. Now the channel range has widened between 1.32 and 1.30. Outside these levels we will define the next move for the next few days. On the other hand the Momentum Indicator is in overbought zone, which increases the probability of a bearish movement for the next few days.

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