Light activity in today’s trading because of the U.S. holiday resulted on little movement in the pair in today’s trading. We can see the wedge that has formed which usually indicates that the pair will break lower. Right now as I right this the pair is at 1.2767 moving downward to the support level of 1.2700. Watch this level, this has been a strong support and a break of this level could lead the pair to the 1.2500 support level. Also watch for a bounce off of the 1.2700 level and a move through the top of the triangle that would be a significant move to the upside. We could see the break out in the Asian session or tomorrows London or New York session.
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