EUR/USD: Yesterday's Bullish Intraday Reversal is Short-Term Positive
EUR/USD has broken to the upside out of its recent base formation between 1.2751 and 1.2890. Further short-term strength is favoured. Resistances can be found at 1.2949 (04/04/2013 high) and 1.3048 (25/03/2013 high). An hourly support is at 1.2864 (03/04/2013 high).
In the longer-term, the succession of lower highs since 1 February and the recent new lows below the key support at 1.2877 (07/12/2012 low, see also 200 day moving average) suggest that the rise from July 2012 has made its top at 1.3711. A key resistance is now at 1.3162 (28/02/2013 high). Key supports are at 1.2662 (13/11/2012 low) and 1.2043 (24/07/2012 low).