Forex: EUR/USD at 1.3035

on Jul 1, 2013
Listen Monday July 01st_: In trading so far today, the pair has reached a high at 1.3059, which is the 24 June low. Since that high, there has been some retracement and the pair is currently changing hands at 1.3035, right at the descending 89-hour simple moving average.

Should the price rally above the Friday high of 1.3102, this would be the first sign of bottoming, given that the pair has been encountering difficulty in overcoming the 1.3000 level.
In the event of a continued downtrend, the first target would be 1.2800, with 1.2742 following.
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