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EUR/USD Bearish Outlook. For November 09, 2012 (Daily Strategy)

Posted at November 11, 2012 Categories : Forex Analysis |

The euro fell back below the 1.2733 support, we had been talking about it, and so we are leaving our bullish outlook for this pair. Now we should be looking for the rebound of the pair, to sell at the level of resistance.

In view of the fact that the pair is below the 200 day moving average periods, below 1.2763 Fractal and Dynamic Support below 1.2733 the bearish outlook for the pair in the next few days increases; it is likely to last until the end of the month.

At a fundamental level, the euro continues to suffer due to the weak economy and the problem is growing every day in the eurozone. The ECB President Draghi said that it looked as if Germany was heading toward a recession. Germany has long been the main reason that the euro had at least a light of hope, as it was the backbone of the economy. Thus, it is that we see that people are pessimistic about the euro.

Therefore, we recommend selling if the pair makes a rebound towards Fibonacci retracement line at 38.2%, about 1.2840 with targets at 1.2550 in the medium term. Please be cautious and place a position if you have previously analyzed the pair.

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