Updated the:
EUR/USD : Economic news reverse the trend
Sentiment :
The way was well drawn on the EUR/USD for a return above 1.27/28 but economics news led to a strong bearish rally.

News : interest rate cut of the ECB and ADP unemployment report better than expected.

The pair is currently testing the support at 1.24. The EUR/USD seems now to move into a short term bearish channel (red lines).
A pursuit of the movement towards 1.23 could be expected if 1.24 is broken.
As far as 1.24 is not broken, pullback on 1.2450 stay possible before a take up of the bearish trend.

Analysis published by Vincent, the 07/05/2012 at 16h00 GMT+2

Update 07/09 - The euro has continued its bearish rally against the US Dollar. The pair EUR/USD has validated the breakouts of 1.24 and 1.23, offering two sell signals. At the end of the day, the pair close on 1.23.
Currently, the pair is trying a return below this level and is moving on the lower band of its short term bearish channel (red lines in a 1h chart).

A pullback on 1.2350 or 1.24 is possible if 1.23 become again support but without it, the euro should continue its bearish movement towards 1.22. The breakout of 1.22 will give a new sell signal.

Update 07/12 - The Euro has validated yesterday against the US Dollar the breakout of 1.2250, offering a new sell signal.

The pair EUR/USD is now moving into a bearish channel (red lines) and is going to test the next support at 1.22. The breakout of this level will give a new sell signal and the pair should then test the lower band of its channel.

Complete sheet of the pair EUR/USD - Previous EUR/USD Analysis

Chart of the pair EUR/USD - Timeframe 1H


Chart of the pair EUR/USD - Timeframe 4H


EUR/USD Live Chart - Timeframe : 4h