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The key support for the sideways channel was breached and the pair was able to reach the 100% correction for the descending channel that started on 5-11-2008 and ended on 7-11-2008 where this level lies at 1.2485. Today we see the pair inclining in correction movements in another attempt to retest the support level that was breached yesterday which has now shifted to 1.2750. The minor resistance which is the 61.8% correction for the above mentioned downside channel at 1.2660 could be a critical point for the pair as it might provide it with bearish momentum.
The trading range for today is among the key support at 1.2325 and the key resistance at 1.2990
The general trend is to the downside as far as 1.5080 remains intact with targets at 1.2480 and 1.2340
Support 1.2580 1.2535 1.2495 1.2455 1.2410
Resistance 1.2660 1.2695 1.2750 1.2800 1.2880
Recommendation Sell the pair below 1.2750 with targets at 1.2325 and stop loss above 1.2887
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