EUR/USD: The Support at 1.2877 is Challenged
EUR/USD has declined near the support at 1.2877 (07/12/2012 low). Resistances for a bounce can be found at 1.2997 (intraday low) and 1.3046 (intraday low).
The technical improvements, exhibited with the rise from 1.2043 (24/07/2012 low) to 1.3711 (01/02/2013 high), are put in doubt with the bearish breakout at 1.2998 (04/01/2013 low). Monitor the key supports at 1.2877 (07/12/2012 low, see also 50% retracement of the aforementioned rise) and 1.2662 (13/11/2012 low, see also 61.8% retracement of the aforementioned rise).