EUR/USD: Making a Marginal New Low
EUR/USD has breached its support at 1.2967 (01/03/2013 low), but the current lack of followthrough could indicate a false breakout. An hourly resistance is at 1.3000 (intraday low). However, a break of the resistance at 1.3074 (12/03/2013 low, see also the declining trendline) is needed to negate the short-term bearish bias. An hourly support is at 1.2924 (13/03/2013 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. A key support is at 1.2662 (13/11/2012 low).