EUR/USD: Approaching Declining Trendline
EUR/USD is getting close to the resistance area defined by the declining trendline and 1.3023 (25/10/2012 high). An hourly support is at 1.2914 (intraday high). Another support is at 1.2834 (intraday low).
The underlying trend is negative (see declining trendline linking the May 2011 high with the August 2011 high on a daily chart). Therefore we expect limited upside potential from current prices.