EUR/USD Bearish Outlook, December 13, 2011 (Weekly Strategy)

Technical analysis

Gerardo Porras

EUR/USD

We have the Euro - U.S. Dollar, in clear strong support, historically on October 02 I come to the same level and provoke a rebound, that I take it up to the 1.4200, which has been consumed again to the fall up to the exact 1,32. at this moment we do not recommend buy or selling. Our strategy remains bearish. we must watch, if you buy the market may not lead to a fall deeper and if we sell, it may cause imminent rebound. we must be careful when there are these scenarios. Our weekly chart marks the monthly support level(M_S1) 1.3147 a strong floor. If this level is perforated, we could see a sharp fall of the euro to the level of 1.2800. On the other hand, if the rise occurs timid euro could lead to the nearest month resistance of 1.3800. at these levels can sell a long-term goal to 1.2840 dollars per euro.

The momentum indicator MACD and shows a possibility of imminent rebound. This analysis, we realize it before the fall in the Euro.   instaforex.com/forex_analysis/42641/?x=OUE