As pointed out yesterday in my article, EURUSD had a huge bearish breakdown. It broke down through some major supports with 1.3184 proving to be a strong support turned resistance. Today, 1.3060 should be a strong resistance and 1.2940 should turn out to be a strong support.
By the look of things, we should see a further move down towards 1.2940 and i do not believe that this support will be broken today. Hence, we might see a bit of ranging today with 1.29 as support.
Attached is a daily chart of EU where it shows that 1.29 had served as a good place of support with a lot of buying.
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