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Price action on EUR/USD as of Monday (4/20/2009) morning has expectedly dropped below the key 1.3000 support/resistance level, thereby projecting some significant bearishness in the pair.
This occurs within the context of the overall downtrend that has been in place since the latter part of last year. Price has dropped significantly away from the long-term downtrend resistance line extending from the second test of 1.6 in July. This hints that a new leg of the downtrend may possibly have begun. Currently, a key downside support target resides around the 1.2750 price region. Any further bearishness that has the momentum to break below this level could target the February and March lows around the 1.2500 region. To the upside, the 1.3000 level should now serve as some resistance, with the 1.3300 region providing further major resistance above.
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