Short-Term Trend: weak downtrend

Outlook: After making a high at 1.2466 on Monday, EURUSD declined then to 1.2209 on Wednesday before rallying again at the end of the week. The daily chart still suggests that an important ST low has likely been seen on this market and if that's correct, we can expect several weeks or even several months of sideways action with mild upside bias. For the coming week or so, the important support level remains at 1.2146 (this level was strong support in second half of May) and as long as the prices stay abv there, we are bullish and favor a move twd 1.2671. Maybe if the market pauses here for some days and the daily oscillators pull back a bit, we may favor a long position but for now, we prefer to stay out. On the downside, a move below said support negates, risks re-test on this year's low but it will most likely hold on 1st testing.

Strategy: the hypothetical long position from 1.2250 was stopped out at 1.2235. Stand aside.


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