FX.co ★ EUR/USD - Bearish outlook - for August 07, 2013 (daily strategy)

The EUR/USD pair remains above 1.33 but shows a low, upward velocity. The trend and momentum indicators are located within the area of potential downside, testing the resistance of the MACD. We would have to see a strong break of resistance in the short term at 1.3370, for a turnaround because the euro's rise in the weekly graphics, which is only part of a correction. We expect the downtrend to continue to the level of 1.30 and maybe even below this level. On the other hand, the minimum from August 02 at 1.3191 should slow any fall, once the rate breaks this level the downward path will be easier to the euro.

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