FX.co ★ EUR/USD - Bearish outlook - for May 31, 2013 (daily strategy)

The EUR/USD pair recovered slightly from a decline it suffered early in the European session on Friday after data on German retail sales was published. It unexpectedly fell 0.4%, also unemployment rate in the eurozone set a new record. It stood at 12.2%, which although was in line with analysts' expectations. Now this pair has reached 1.3050 level, the recovery of the pair is for me a good opportunity to take bearish position with targets at 1.2877 and 1.2750. One should expect a daily close above 1.31, to consider buying this pair. So we suggest to sell at any price below 1.3050. On the other hand, the Momentum Indicator is showing divergence, thus, the pair may fall for the next few days.

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