EURUSD: The pair will have to break and hold above the 1.3233 level, its Jan 27’2012 high to prevent a return to the 1.3025 level, its Feb 01’2012 low. If the latter occurs, EUR will decline further towards the 1.2930 level, its Jan 25’2011 low. Further down, support lies at the 1.2856/75 level, its Dec 29’2011 low/Jan 2011 low. Its daily RSI is bearish and pointing lower supporting this view. Alternatively, the pair will have to return to the 1.3233 level to annul its present price hesitation where a breach will set the stage for further strength towards the 1.3375 level, its Dec 12’12 high ahead of its Dec 02’2011 high at 1.3547. All in all, though still retaining its nearer term uptrend, it faces prices hesitation.
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