ScottS
Long

Short term picture is to short, then long on rebound

FX:EURUSD   Euro / U.S. Dollar
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The current run of the EURUSD is strongly bullish in a pretty fixed channel just waiting to explode. Due to the current trend the short term outlook is bearish with possible support around 1.2744 (Fib 50%) or further through to just around Fib 38 which coincides with the psychologically important 1.2700 round number. This would still remain within the current trending channel.
Once this has hit a rebound target of around 1.2900 doesn't look impossible, but with the Fib line 76% sitting on 1.2873 it may be the next realistic zone, this also intersects the current trending channel 61.8 Fib.
Whilst running towards this 1.2900/1.2873 key historic reversals are around 1.28224 and 1.28543 which may provide some resistance/support along the way
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