EUR/USD – Approaching Short-Term Support

The pair has pulled off the Tuesday highs, and is currently heading for a test of support (prior resistance) at 1.2600.  Further support comes in at 1.2560 and 1.2530.

The short-term trend remains up but may be jeopardized by a move below 1.2500, especially the swing low at 1.2480  This could trigger selling into 1.2400 (prior resistance which should now offer support).

A move higher through minor resistance at 1.2635 is likely to push higher into Tuesday’s high area – 1.2660.  Beyond this 1.2700 is the target.  Such a move would leave little resistance to the upside and targets come in at 1.2740 and 1.2800.

Cory Mitchell, CMT

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