FX.co ★ EUR/USD Bullish Outlook for August 01, 2012 (Daily Strategy)

The EUR / USD has a resistance at 1.2330, break of which would increase the odds that the pair can quickly rise up the weekly resistance of 1.2450. In this regard, the market is waiting for the decisions that will be published tomorrow, and are likely to oscillate in a range from 1.2330 and 1.2280. A return to the fractal of 1.2250 will probably rebound from there, given that we noticed a bullish reversal pattern. In the long-term the objective is the level of 1.27.
Therefore, we recommend buying only if the pair closes above 1.2345 with target at 1.2450.

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