EUR/USD finds support at 1.26

Continuation of Tuesday's sell-off did not take place yesterday—the support at 1.26, represented by the weekly S1 and Bollinger band, remains intact. In case of a rally from here the currency pair will encounter 1.2660—2012 Q4 low. If the bulls keep pushing the price higher—there is a cluster of resistances at 1.2750, consisting of the 2013 low, weekly PP and falling trend-line that should prevent further appreciation of the Euro.

The SWFX market participants are undecided with respect to the Euro, being that the amounts of long and short positions open are equal. However, there are more sell orders (64%) than there are buy ones (36%).