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Forex Flash: EUR/USD bolstered by support at 1.3040 – RBS

According to Technical Strategist William Moore at RBS, “Previously the 1.3040 region was deemed as an appropriate support, however we think that recent price action opens up a short-term move back to the trend line break area around 1.3275 and the important Fibonacci retracement level above there at 1.3296. Moreover, it is worth noting too that the fairly distinct head and shoulders pattern looks like it had played out to the full just as the market traded fleetingly sub 1.3040. Should the 1.3040 level break, then we look to 1.2880 as the next meaningful level of support.”

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