Technical forecast for EUR/USD

EURUSD broke the upper end of the range at 1.2965/75 as expected to target the 200 day moving average at 1.3020/30 where we suggested shorts with stops above 1.3060. We did not break 1.3060 & being overbought in the short term we could see a drift back to 1.3000. We may see a bounce from here today but if we continue lower look for 1.2960, possibly 1.2929. If we fall as far as 1.2895 this could present a buying opportunity but we need stops below 1.2850.

A break above 1.3060 however keeps the rally going for a target of 1.3115. Strong resistance at here could see a high for the day. Exit longs & try shorts with stops above 1.3150 & then look for 1.3180/95.