The EUR/USD, while not quite as exciting as the GBP/USD as of late is trading rather predictably and there is something to be said for predictability when trading. The Pair reached the 50% FIBO level drawn from the high in 2011 to the low in July 2012 on Friday and printed a rather indecisive candle at this level on the Daily Chart. This level also confirms a daily ascending channel with the third touch and is the highs of October 2012. The pair did gap up at the open, but has been more or less bearish since then. If last Friday's low of 1.31445 is breached, the next likely target is 1.3070, also the 38.2% Fibo level for the entire ascending channel beginning on July 24, 2012 at 1.2042. Any lower than 1.3070 will also paint a bulls-eye on the 1.2700 area. A bounce higher from here is also very possible and a breach of Friday's high will bring the 62EMA into play as resistance at 1.3255 which is in line with the Weekly Pivot as well. 1.3316 also offers resistance as the lows from February 15 and then the center of the channel will be a likely target as it coincides with the highs from February 18.
Happy Trading