In the aftermath of the good jobs report from the US, EUR/USD fell to lowest levels since mid-May. Looking at the bigger picture, we can see a break of a long term uptrend support line that began in April and was formed in mid May.
However, the pair bounced on a second uptrend support line, which began back in mid-November and was formed in March. The second line coincides with an important support line, as the chart shows:
The low so far has been 1.2806, just above support at 1.28, which was the lower border of a long term range in mid 2012. This is where the second uptrend support line stands.
For more lines and analysis, see the EURUSD forecast.
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