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EUR/USD Technical Analysis - Dec. 18, 2012

EUR/USD: the market has now broken above the top of a major falling channel. This channel originated in mid September and was reinforces by the 38.2 retracement of 1.3090. We can now see a test at 1.3168, the Sept. 14 high. A break above that tests 1.3222 (50% retracement level).

Alternatively, we are seeing a spinning top candlestick and negative RSI divergence. Should the market move lower, we see short term support at 1.3090 with a move lower testing 1.2924 (23.6 % level).