Trading strategy: standing aside

The euro pulled back once again after testing 1.3 but the upside remains favored, although current slide may extend lower towards 1.2770 where the euro will probably find a decent support and probably provide a good buying opportunity. Intra-day sentiment is bearish as yesterday's recovery from 1.2850 went out of steam around 1.2920. Hourly studies will remain in a bearish configuration as long as the pair trades below 1.2920. Except for Bernanke's testimony at 15:00 GMT, today's economic calendar is pretty light. Current exchange rate is 1.2892 @06:03 GMT

Support: 1.2830/50, 1.2770/00 and 1.2700 Resistance: 1.2920, 1.3000/25, 1.3100 and 1.3250 Market sentiment: long term - bearish, medium term - slightly bearish, short term - bullish, intra-day - bearish