FX.co ★ EUR/USD Bearish Outlook for August 09, 2012 (Daily Strategy)

The euro was affected by the ECB downgrading of growth expectations for the euro area by 2013 from 1% to 0.6%, which resulted in euro sale during the last hours.
At this time the pair is trading near the 1.2307 weekly support and is likely to demonstrate a rebound to the resistance of 1.2345, this level has served in previous days as a strong resistance. We recommend selling with objective at 1.2210.
Both, the MACD and trend indicators are showing a deeper downward sequence.

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