FX.co ★ EUR/USD intraday technical and fundamental review for May 13, 2013

Last week, we talked about consolidation of the pair within the price range 1.2950 -1.3240 and the importance of breakout off this zone for the liberation of the pair.

At the end of the week, the ascending channel was broken down and the pair returned again to the bottom of the range at 1.2950 to refresh the bearish view of the pair in the short-term.

Breakdown of the most prominent support zone around 1.2950 also revives a "Double-Top" pattern on the daily chart.

Trading recommendation:

Price Level 1.2950 is worth watching for a possible breakdown, as it will probably open the way towards 1.2750 initially while Stop Loss should be located slightly above 1.3050.