EUR/USD is likely to trade down after closing at lower end of last week's 1.2979-1.3297 range, suggesting room for further falls. Immediate support at 23 Nov low of 1.2925, any breach of which would target 1.2820. Initial resistance at previous uptrend support line from 18 Dec low of 1.3055. Further resistance at downtrend line from 5 Jan high of 1.3105. EUR/USD medium-term positive outlook targeting March 2005 high at 1.3481. Any close for week above 1.3367 would suggest resumption of medium-term advance.
Trends:
Primary Tendency
The primary trend remains bullish, started in Feb 06 with low at 1.1800 and high at 1.3367.
Secondry Tendency
Uptrend has started since 16 Oct with a low of 1.2489, started losing strength after hit a 20-month high of 1.3367 on 4 Dec.
Minor Tendency
Downtrend started on 3 Jan with high of 1.3285
Technical levels:
Resistance:
1.3105
1.3055
Support:
1.2925
1.2820