After reaching a session high of 1.2671, the highest level since May 13th, the EUR/USD pair has traded continually lower and is now testing the 200 hr moving average at 1.2472. As shown below, the last two hourly candlesticks tested the line but could not break through; a close below may be a bearish signal for the pair in which case the next downside target would be the 61.8% line on the move from the low of May 20 to today’s high, at 1.2439. The next topside target is currently the 38.2% line at 1.2528 and further is the 23.6% retracement at 1.2582.
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