EUR/USD Buy Above 1.2250 For August 03, 2012 (Weekly Strategy)

 

 

Yesterday the euro dropped again reaching 1.2138 amid Mario Draghi’s announcements supported by several European leaders. However, the ECB President did not meet investors’ expectations. His announcements were just empty declarations without any steps to be taken which proved again that nobody knows how to cope with the crisis.
On a technical level, the euro is trading below 1.2250 weekly pivot, offsetting yesterday’s losses. Only a close above 1.2250 will indicate the beginning of a new upward trend with the target of 1.2410 which is likely to be unchanged during the next week as well. We, therefore, recommend buying above 1.2250.
The indicators are showing an imminent upward bounce.

 

 

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Performed by Герардо Поррас Паломин, Analytical expert
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Gerardo Narciso Porras Palomino
Gerardo Narciso Porras Palomino
Gerardo was born on August 30, 1980 in Huancayo, Peru. Since 1999 he has been studying Maintenance Mechanics specializing in fluids engineering (SENATI). In 2005 he entered the foreign exchange market and started dealing with investments and studying technical analysis. Since 2007 he has been engaged in Forex activities. He has taken the advanced course of Forex trading (UdeForex) at University of Forex and acquired the following qualification: Operator and Analyst in the foreign exchange market. He carries out many other studies, they are the Waves of Elliot, the famous theory of Fibonacci, etc. Now he seeks to operate his own money on the market to carry out technical and fundamental analysis and also to instruct beginners helping them to gain consistency in trading.
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Types of Analysis: Fundamental analysis , Fractal analysis , Technical analysis , Forecast
Experience: 6 years
 Analytical Credo: "Wisdom is the prime thing. Acquire wisdom; and with all that you acquire, acquire understanding" (Salomón)