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EUR/USD: Challenging a Key Support Area
EUR/USD has completely erased the gains made during yesterday's session. The key support at 1.2748 (see also 38.2% retracement of the rise from 1.2043 to 1.3172) is challenged. A short-term resistance can be found at 1.2783 (intraday low). Another resistance is at 1.2877 (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 decisive 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.