EUR/USD: The bears are targeting 1.322
The EUR/USD has been in a correction phase since the beginning of the month, with the pair currently hovering around 1.3338. This movement puts the near term support area seen at 1.322 in focus. The market looks set to test that support level, which also coincides with the uptrend line supporting the market since November 2012 on the daily chart. Short term traders could look to take advantage of the downside potential on the day with key target the 1.322 level. From a longer term perspective, the market seems well supported, as long as it consistently remains above the uptrend line. The 1.322 level could be an area of rebound and therefore any price movement towards that area could be seen as good buying opportunity for the longer term. On the economic data front things are quite today with all eyes on Tuesday’s German ZEW Survey.
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