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EUR/USD major long-term support area of 1.2600/1.2660 under pressure - RBS

Dmytro Bondar, Technical Analyst at RBS observes that following the formation of a H&S pattern in
the first half of the year, EUR/USD has seen a significant selloff.

Key quotes

"It has though started to pressure a key long-term support level of 1.2660, which was previously the risk level of the 2012 inverse H&S."

"This is a very important level and it is required to have a weekly close below to consider it broken."
"If so, the next support will be expected at 1.2290 and 1.2050."

"Otherwise, if the level holds on a weekly close basis, and a reversal pattern formed, this area may see a base."

"Hence it is advisable to keep an eye on the reaction from the test of 1.2600-1.2660 area."

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