EUR/USD: Moving Higher
EUR/USD is moving above its recent high at 1.3108 (03/06/2013 high). The short-term structure remains bullish while above the support at 1.3042 (04/06/2013 low). Another support can be found at 1.2942 (intraday low). A resistance lies at 1.3194 (08/05/2013 high).
In the medium-term, the recent price action from 1.2746 (04/04/2013 low) is viewed as a corrective phase within a larger downtrend. The recent break of the resistance at 1.3029 (14/05/2013 high) suggests a longer horizontal consolidation before an eventual move lower.