[fxinvestindo]

EUR/USD Weekly Outlook 2 July 2012

Although it had dropped to 1.2406 early last week, EUR / USD rebounded strongly since then. These developments indicate that corrective rise from 1.2287 is not over. Initial bias slightly favor the upside for 1.2747 . Break there will target 100% projection of 1.2287 to 1.2747 from 1.2406 of that is at 1.2866 . However, we expect strong resistance from the 61.8% retracement of 1.3282 to 1.2287 at 1.2902 to limit upside. Decline from 1.4939 is still expected to continue below 1.2287 and break of 1.2406 signals the completion of the consolidation.




GBP/USD Weekly Outlook 2 July 2012

GBP / USD 's fall from 1.5777 is limited at 1.5484 last week. Rebound again shows that an increase of 1.5268 is ready to proceed. Initial bias on the upside this week to 1.5777 . Break there will target 61.8% retracement of 1.6300 to 1.5268 at 1.5906 . On the other hand, break of 1.5484 indicates the completion of the rally from 1.5268 . If not, we will remain cautiously bullish even in case of decline.