EUR/USD declined yesterday and broke the support area between 1.3016 (intraday low) and 1.2991 (09/10/2012 high), forcing us to stop our strategy. A break of the hourly resistance at 1.2997 (intraday high) is needed to negate the current selling pressure.
Even though the long-term trend is still negative (see long-term declining trendline linking the May 2011 high with the August 2011 high), we need to see a 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.
Daily Technical Report
