1.3080.
That’s a very important level if EUR/USD can overcome selling ahead of the 1.3000 level. The 38.2% retracement of the last leg lower (1.3435/1.2860) come in at that level, as does the 200-day moving average.
We also have multiple bottoms which come into play in the 1.3055/1.3090 area which will be a formidable hurdle.
Flagging downward momentum suggest a retracement could unfold , but we need to work through offers at 1.2990 before the bounce can unfold…
Perhaps a successful Portuguese auction tomorrow morning will be the catalyst (or cataclysm, if it goes poorly…)
