This morning the EUR/USD pair touched the main uptrend line at 1.2877. Then there was bounce due to uncertainty over whether Spain will request a bailout. This data is creating a climate of pessimism and optimism. Many have appetite for risk, and others to risk aversion that is affecting many operators that even some have ceased trading this pair.
It certainly appears that a new bearish movement for the euro is about to explode. If the pair breaks the main bearish trendline and trades below the 200 day moving average periods, there will be the beginning of a new wave bassist that can press back up to 1.25. We see what happens. It's certainly not going to fall quickly but the level is the objective.
We maintain our bullish outlook above 1.2750, as we have mentioned several times in our article. Therefore, we recommend buying this current price level of 1.2895 with targets1.3005 and 1.3120. Strong resistance.
The technical indicator is showing a consolidation at current levels and a move higher is likely seen.

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