The EUR/USD pair fell below the 1.2700 level on Tuesday, but did get a bounce in order to pop back above it. Currently, we are flirting around with that handle, and have formed what looks a lot like a hammer right now. This area has to hold if the buyers want to get bullish again.
Alternately, if we managed to break the lows from the session on Tuesday, we think this pair goes down to the 1.25 handle. Even if we do manage to break the top of the hammer from the Tuesday session, we see the 1.28 level as being very resistive. Because of this, we think that any trade in this pair based upon those two parameters will be relatively short term.
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