EUR/USD: Challenging Key Support Area
EUR/USD declined sharply last Friday. The key support is at 1.2748 (see also 38.2% retracement of the rise from 1.2043 to 1.3172). An hourly resistance is at 1.2843 (intraday high). Short-term resistance is at 1.2894 (intraday high).
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.