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Last Update: 2nd july 2013
The main trend for the pair is still down. We saw a minor correction towards the 1.34 area, where it bumped into resistance at the weekly 200 SMA and the downward trend line.
Now the pair is in a triangle and being supported at the 1.2980 level.
We may experience some range trading between 1.2980 – 1.3170, but all in all we believe that in the end, the pair will break downward and remain bearish. The 1st target is 1.28, followed by 1.2640.
A lot of important data is set to be released this week, including the European interest rate decision on Thursday and the US non-farm employment change on Friday. These two events may trigger the downward break.
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