Short-Term Trend: weak downtrend
Last week's price action was actually positive here and a modification of the wave structure is required. EUR declined twd the 1.2145 Fibo level initially but then rallied strongly again and closed abv the 1.2345 Fibo level. Add to this price action the divergence at the most recent low (between the prices and the MACD indicator) and the daily chart becomes to look bullish. Still, I expect to see one more decline twd the 1.2067 low before a more meaningful move higher can start. So, in my view it is still early to consider a long position here despite the bullish signals from the daily oscillators....
Strategy: Stand aside.
Next Update: Sun, 08/12/2012.
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