EUR/USD: Hourly Double-Bottom Validated
EUR/USD has broken the hourly resistance at 1.3075 (05/03/2013 high), validating an hourly double-bottom. A test of the resistance at 1.3162 (28/02/2013 high, see also the declining trendline) is likely. An hourly support is at 1.3071 (06/03/2013 high).
In the bigger multi-week time frame we note that the higher low in July 2012 (compared to July 2010) and the recent new high above the strong resistance at 1.3487 (24/02/2012 high) indicates an improvement in the underlying trend. However, a break of the support at 1.2967 (01/03/2013 low) would open the way for a medium-term decline toward the strong support at 1.2662 (13/11/2012 low).