FX.co ★ EUR/USD Intraday Technical Analysis and Trading Recommendations for November 28, 2012

On the daily chart, significant bearish reaction was expressed towards 1.3165 and 1.3135 which pushed the pair further downside towards 1.2660.
Intraday support is located at 1.2940, ahead of 1.2900 which is considered a stronger support level for the EUR/USD pair. However, solid resistance levels are located around 1.2970 and 1.3050 corresponding to 61.8% and 78.6% of Fibonacci levels.
The view for the pair remains bearish as long as the pair consolidates below 1.3050. Otherwise, the EUR/USD pair will probably reach 1.3135 directly.
Price action towards 1.2970 - 1.30150 should be watched for significant bearish confirmation which was expressed Yesterday manifested in the bearish DAILY candlestick, while SL should be located above 1.3060.