EUR-USD after Draghi comments june 6 2012

forex trading outlook today - EUR-USD after Draghi comments june 6 2012 : The Euro has reacted down to the lack of information given by ECB's president Mario Draghi about the next movements in central banks policies across the Eurozone. After managing all the day to maintain the 1.2500 level, finally the EUR/USD has declined to 1.2450 in the last few minutes.

The EUR/USD is extending, thus, its decline from intra-day high at 1.2525 reached in the European session to break 1.2470/80 support and reach levels below the 1.2450 frontier. Currently the pair is pricing at 1.2445, turning in the negative field in the day.

Pair looks "Slightly Bearish" and "Overbought Technically, the pair is bullish in the 4 hours chart as indicators head higher while price stands above 20 SMA. A break above weekly high set at 1.2545, should favor a continuation rally towards the 1.2600/20 area for the upcoming sessions,

"On contrary, I see primary support in the 1.2440/50 region. If the news disappoints, and the pair falls below that level, we may see a bearish continuation towards the 1.2380 price zone," Bednarik concludes.

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