FX.co ★ EUR/USD Buy Above Weekly Support - For October 09/ 2012 (Daily Strategy)

The euro fell below the level of 1.30, the resistance is found at 1.3005 and it matches the daily fractal. The pair is trading currently at 1.2953. It is likely it continues to drop. On the euro chart we can notice that a secondary upward line is touched. Below the level of 1.29 one of the pair declines until 1.2820. Support is very close to the 200 day moving average.
At a fundamental level, the European finance ministers met in Luxembourg, and therefore the world is waiting to see what kind of measures the European Union will take to tackle the debt crisis.
Although, we remain bullish above 1.2750 it is recommended buying around the weekly supports.

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