Technical outlook and chart setups:
The EUR/USD pair is approaching a major fibonacci support level at 1.2700/10 as depicted on the daily chart view here. The weekly charts indicate that 1.2740/50 is a major support since July 2013 and bears would want to target the same before a meaningful pullback occurs. In any case, whether the pair turns from current levels or from 1.2700/10 levels, it is quite clear that it is headed south on a longer term. Immediate resistance is at 1.3000 levels, followed by 1.3150 and higher while support is seen at sub 1.2800 levels (interim), followed by 1.2740/50 levels respectively. It is recommended to watch out for a bullish reversal at current levels and look to enter on a pullback (lower), ahead of 1.2800/20 levels.
Trading recommendations:
Flat for now. Looking to enter long positions.
Good luck!
