EUR/USD: Hourly Consolidation Favoured to Resolve Lower
EUR/USD saw a minor break under daily channel support last week that failed to garner momentum. We would thus view a push back over 1.2444 as being a short-term bullish signal and have hence moved our stop to rest just above the recent high at 1.2444.
We continue to favour a push under 1.2242 (10/08/2012 low) to turn the near-term outlook bearish again. Below there would open up our second target at 1.2000.