EUR/USD Weekly Outlook and Trading Idea

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Update for: 2012-12-03 - 2012-12-09Posted on: Sunday, 02 December 2012 11:41 

eurusd st 20121201

EURUSD: 1.2985Short-Term Trend: weak uptrendOutlook:

EUR has continued its rally since our previous update. But it seems EUR has difficulties to sustain its gains abv the 1.2995 level and the risk remains for a retreat twd 1.2870 level (last week's low was 1.2880, just 10 points above this important Fibonacci level). The key on the downside remains the 1.2670 level and as long as it holds, the bullish view is intact.On the upside, we need firm and sustained move abv 1.2995 (let's say a move above 1.3050 will mean just that) to confirm gains twd 1.3195 and then to 1.3520 are likely under way....

Strategy: Longs favored at 1.2870. Stop=1.2670. Target=1.35000

Next Update: Sun, 12/09/2012.

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