Support at 1.2630

EUR/USD was descending but encountered support at 1.2630 , which was expected, just as it was expected to bounce back a bit from it. Personally, I still think the bearish trend will continue, but EUR/USD first needs to break below 1.2630. Whether that will happen right away or range will start again is uncertain, either way at the moment the market is not particularly volatile and we might have to wait until tomorrow or even next week before we see any major changes. Once it does break below 1.2630, however, I still expect it to head for target 1.2500.