Thursday, November 8, 2012

EUR/USD ~ 8 November 2012

The EUR/USD breached its uptrend channel in late October an is now at the strong support at 1.26-27:

A convincing break of this level would be very bad for the EUR/USD in my opinion because there isn't much support below it until the mid July low. If we hold this level though and break 1.285ish, the medium-term uptrend should resume.