EUR/USD finds resistance at 1.2970

FXstreet.com (Barcelona) – The EUR/USD recovered slightly to the upside, reaching momentarily as high as 1.2982 in the last hour before finding firm resistance around the 1.2970 area and settling slightly underneath. The pair has been trading choppy within a tight range throughout the day as eurozone debt concerns wane due to Japan’s support to buy government bonds.

Stoyan Mihaylov of DeltaStock suggests: “EUR/USD is in a downtrend, after peaking at 1.4283 (November 11, 2010). Technical indicators are descending, and trading is situated between the 50- and 200-Day SMA, currently projected at 1.3445 and 1.3136.”

Mihaylov continues: “The expected corrective pattern above 1.2870 is already on the run and there is a chance for one more upswing beyond 1.3022, but expect it to be limited below 1.3079 resistance area before next leg downwards to 1.2670.”

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