EUR/USD: A break of some multi-session consolidation is significant in the short-term and could now open the door for deeper setbacks over the coming sessions. The latest break and close below some key short-term support at 1.3250 highlights this fact, and now exposes a fresh drop towards medium-term support by 1.3000 further down. Back above 1.3400 would be required to negate bearish outlook and put pressure back on topside. However, the market is well supported in the 1.3000 area and it will take a meaningful break below to convince us of continued bearish price action to challenge the 2012 lows in the 1.2600’s.
--- Written by Joel Kruger, Technical Currency Strategist
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