EUR crosses/EUR/USD/Technical Analysis

EUR/USD: Initial technical resistance at 1.2825

As you can see from the attached chart, the 61.8% retracement of 1.3280/1.2040 comes in at 1.2825 and this level should attract plenty of profit taking interest. EUR/GBP has made a bullish break above .7965 and both EUR/AUD and EUR/JPY are consolidating recent bullish moves, all of which points to continued support for the EUR. Buying dips is still the preferred play overall but EUR/USD is looking a tad overbought in the shoirt-term so some care is warranted.

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