EURUSD moves to next resistance targets
The EURUSD has moved to the next target resistance levels as the market sells dollars on the weaker US data. the price, however, is approaching some key resistance targets against the end of June high (at 1.27457) and the 50% of the move down from the 2012 high (at 1.2763) . The 1.2769 is also channel trend line resistance. Look for some cause for pause on the first test (stops above – See earlier report). The 200 day MA at the 1.2838
On the downside, the price broke above channel trend line on the 5 minute chart (at 1.2728). This is now close support . Below that watch the 1.2715-17 area for support. A move below the 1.2705 area would now not be good sign for the intraday bulls. This would take the price below the bottom trend channel line and raise some eyebrows.