Euro continue sinking down
Euro continuing its negative trends. This week Movement confirmed the downtrend trend that already formed before. Risk aversion spreads and pessimism surrounds the markets. The European currency cannot take a break. EUR/USD fell further and posted a fresh 12-month low at 1.2934. Viewed from the weekly chart, chart of EUR / USD break through its uptrend support line. So the next price level that can hold the movement is the next support at 1.2547 level.
While on short term view, there is the possibility of EUR / USD will rebound temporarily as part of the action of speculators take profit.
The concern right now is about Greece Bailout. Until the Germans officially vote in favor of the bailout package for Greece, the euro will have a tough time rallying.
Ok… enough for today, happy Trading for all