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Forex pairs in this Article » EUR/USD (Barcelona) - The EUR/USD is still sporting a bearish overall technical pattern which only a close above 1.3500 can alter.

EUR/USD traders to react primarily to Euro-data Wednesday

With the euro catching a bid over the last few days – and hence lifting the EUR/USD – traders will be requiring fresh new bullish evidence for the euro or bearish evidence for the greenback to propel the EUR/USD above key resistance at 1.3500.

Wednesday, the news flow is as follows: EuroZone Industrial Production; German Bundesbank’s Weidmann speaking; and, the US Treasury’s 10-year Note Auction later in the session.

Technical outlook for EURUSD

Technicians say the chart of the EUR/USD is broken technically and now has a minimum downside target of 1.3122 – which is longer-term correction support and horizontal line support in one. Below that level come the Fibonacci projections at 1.2973 and 1.2881. Resistance for the cross comes in at 1.3475 – 1.3500 – the underbelly of the recently broken uptrend line. That level is backed up by the 11/6 high of 1.3547.
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