EUR/USD: Bouncing After Friday's Unemployment Data
EUR/USD bounced Friday after the release of unimpressive unemployment data. However, the recent break of the key support at 1.3190 favours a bearish stance as long as the prices remain below the resistance at 1.3255. Supports stand at 1.3105 (06/09/2013 low, see also 50% retracement) and 1.3067 (18/07/2013 low).
A potential medium-term top has been made at 1.3452. The break of the support at 1.3190 favours a medium-term bearish stance. However, we would thus far not expect a medium-term downside risk lower than the strong support area between 1.2746 (04/04/2013 low) and 1.2662 (13/11/2012 low).