EUR/USD:
1.2412
Very Short-Term Trend: Weak downtrend
Outlook: The 1.2345 level did hold on a closing basis on Friday and brought a sharp move up to 1.2453. Thus, our short idea from Friday's update was elected. Now, I expect to see more sideways trading early today and some marginal gains twd 1.2480/90 cannot be ruled out.
However, as long as prices stay below the 1.2500/10 level, the bears are in control and another decline toward 1.2345 is expected, most likely tomorrow.
Strategy: Holding short from 1.2450 is favored against 1.2510.
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