EUR USD

Aug 20, 2012 by FxPremiere

Short Term Weak Trend downwards

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Outlook- Last week EUR traded sideways vs USD in a rather tight range. That does not change our wave intepretation but a move below 1.2241 is needed to confirm that wave down is likely under way.

But based on the wave structure presented above and on the divergence between the price and the MACD indicator, we do not expect a huge downside from here.

Instead, we are looking for a re test on the 1.2043 low only followed by a trend reversal. If a decline twd 1.2043 develops and then the prices move abv 1.2344, that will confirm the trend reversal in our analysis that is seen.

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