EUR/USD has broken its short-term rising trendline. A second down leg (after the one from 17 September to 1 October) is likely underway. A short-term support is at 1.2804 (01/10/2012 low).

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 at 1.2755 (see also 38.2% retracement) to suggest that the rise that started in July 2012 is over.

Daily Technical Report