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EUR/USD: Corrective Phase Underway
EUR/USD bounced last Friday. However, as long as the resistance at 1.3121 (intraday high) holds, further short-term weakness is favoured. Monitor the support implied by the mediumterm rising trendline (around 1.2970). Another support is at 1.2875.
The higher low in July 2012 (compared to July 2010) and the recent new high above the strong resistance at 1.3172 suggest an improvement of the underlying trend. A strong resistance is at 1.3487 (24/02/2012 high), while a key support is at 1.2662 (13/11/2012 low).