FX.co ★ EUR/USD Weekly Pivot 1.2251 for August 02, 2012 (Weekly Strategy)

This morning before the press conference with the President of the European Central Bank Mario Draghi, the euro reacted very volatile, rising rapidly to 1.2385 then quickly changed its tendency, and at this point the currency is quoted below weekly pivot 1.2150
In view that the euro has only reacted to a fundamental fact, we must wait until the midday ET to define the trend. Therefore, in the course of return to the weekly pivot, we recommend sell objectives at 1.2110. On the other hand, if the price closes in 4 hours charts above the pivot at 1.2150 recommend buying with targets 1.2410.

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