EUR/USD stops at 1.2660

EUR/USD failed to pierce the support at 1.2650 yesterday, but at the same time did not leave its vicinity, posting merely a 15-pip rally from the 2012 Q4 low. The immediate resistance is at 1.27, represented by the monthly S3, while a more significant supply level is considered to be a few steps higher, at 1.2750, where the weekly pivot point merges with the 2013 low and a falling resistance line drawn through the Aug 18 and Sep 4 peaks.

The Euro stays more popular than the U.S. Dollar, since 60% of open positions on EUR/USD are long (62% yesterday). But the currency seems to be facing a major resistance area, being that 68% of pending orders are to sell the common currency.