EUR/USD: Returns To Test Base of The Symmetrical Triangle
EUR/USD failed to break its short-term resistance at 1.3023 on Wednesday. The subsequent rejection has now broken under prior platform support near 1.2880.
We now await to see if this break lower can be maintained on non-farms Friday.
Even though the long-term trend is still negative (see declining trendline linking the May 2011 high with the August 2011 high), we need to see a break of the support area between 1.2804 (01/10/2012 low) and 1.2748 to suggest that the rise from 1.2043 is over.