EUR USD continues its downfall and reaches the 1.3124 low. Intraday bias will switch to the downside, once the EUR USD closes below the 1.3163 minor support line. On the downside, if the currency pair does close below the 1.3163 minor support line it will change the sentiment to the bearish side and target the 1.2968 major support line next. On the upside, if the new minor resistance line of 1.3357 is broken it will continue the bullish bias and target the 1.3495 resistance line.
My $0.02 cents: The Euro uncertainty continues to haunt long/buy positions due to the EU unable to make a concrete agreement during the EU summit and further “bad press” about the EU debt crisis is squeezing traders away. Moody’s lowered Ireland’s credit rating by five levels, Greece was placed on a review for a possible downgrade, and Portugal is viewed as the next debt crisis victim. The US dollar is favored over the EURO and becoming the “go-to” currency, due to improving economic conditions.