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EUR/USD: Sliding

By - Nov 13, 2012, 5:14 AM CST

EUR/USD has broken its key support at 1.2748 (see also 38.2% retracement of the rise from 1.2043 to 1.3172). The technical configuration is negative as long as prices remain below the resistance at 1.2876 (07/11/2012 high). Hourly resistance at 1.2790 (09/11/2012 high). Support can be found at 1.2626 (07/09/2012 low).

The long-term trend is negative (see declining trendline linking the May 2011 high with the August 2011 high). The break of the support 1.2748 opens the way for a medium-term decline towards at least the support at 1.2431.

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