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EUR/USD: Intraday Bearish Reversal

EUR/USD made an intraday bearish reversal close to the hourly resistances at 1.2943 (15/05/2013 high) and 1.3029 (14/05/2013 high). Monitor the recent low at 1.2797 (17/05/2013 low).

A test of the strong support area between 1.2746 and 1.2662 is expected as long as prices remain below the resistance at 1.3029 (see double-top formation).

In the medium-term, the recent price action from 1.2746 is simply viewed as a corrective phase within a larger downtrend. The recent new lows below 1.2955 suggest the end of the rebound and a minimum return towards the key support at 1.2662 (13/11/2012 low).

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