FX.co ★ EUR/USD Intraday Technical Analysis and Trading Recommendations for October 25, 2012

The EUR/USD pair attempted to push lower yesterday, but found a good support at the lower limit of the bullish channel depicted on the DAILY chart above and traded higher earlier today hitting 1.3012.
The bias is bullish in the short term, especially if price is able to make a clear break above 78.6% Fibonacci Level around price level of 1.3015 allowing the pair to reach 1.3070 initially.
The H&S bearish scenario (4H chart) also remains intact; but an obvious break back below 1.2950 is needed to continue the bearish pressure retesting the lower limit of the bullish channel and 1.2900 Price Zone.