Weekly Currency Trading fandamental forecast

US Dollar - Dollar Ready to Rally as S&P 500 Advance and QE Talk Fade(bullish).
Euro - Euro at Risk as Markets Look Past Greece to Growth, Rates Outlook (bearish).
Japanese Yen - USDJPY Rally to Continue, But Yen Could Make Comeback Elsewhere (neutral).
British Pound - British Pound At Risk Amid Weakening Labor Market, Slowing Trade neutral Gold - Greek Default Props Gold - Outlook Clouded by USD Strength, FOMC (bullish).
Canadian Dollar - Canadian Dollar Will Stick to Risk-Trends with Empty Docket (neutral).
Australian Dolla - Australian Dollar to Weaken Further Amid Heightening Growth Fears (bearish). 
New Zealand Dollar - New Zealand Dollar Could be Aided by More Optimistic RBNZ (neutral).

SWFX Sentiment Index

EUR/USD Elliott wave Anlysis by DFX on 07/03/12

EURUSD Additional Upside Likely but in a Correction

Daily Bars
eliottWaves_eur-usd_body_eurusd.png, EURUSD Additional Upside Likely but in a Correction

Prepared by Jamie Saettele, CMT

Continue to expect corrective action in the EURUSD. “A 5 wave structure is visible from 13485. 13160 and 13190 are levels to expect resistance but a return to 13240 or even 13280 is certainly possible. Strategically, I’ll look to identify the end of the correction (via Twitter @JamieSaettele). The larger trend is down against 13360. A break under 12973 targets 12880.” Look to sell a spike on ECB tomorrow morning.

Bottom Line (next 5 days): lower