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EUR/USD: Monitor The Test of The Support at 1.2998
EUR/USD has remained weak since the break of its significant support at 1.3257 (16/01/2013 low, see also the rising trendline). Monitor the test of the key support at 1.2998 (04/01/2013 low). An hourly resistance can be found at 1.3162 (28/02/2013 low). Another support is at 1.2877 (07/12/2012 low).
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 decisive break of the support at 1.2998 (04/01/2013 low) would open the way for a medium-term decline toward the strong support at 1.2662 (13/11/2012 low).