The rapid descent of the euro against the dollar from 1.3992 level is early May [a near 3-years height to below 1.30, forces  traders to turn to longer -term charts in order to find important technical areas that could act as support.

looking at the chart the next important level is 1.27-1.28

Around 1.2750 -1.28 is important level ,as the 61/8 Fibonacci ,retracement of the entire rally from 1.2040 to 1.39992.

Therefore the possible stop foe eur/usd bears 1.27-1.28

Support: 1.2540- 1.2710- 1.2770

Resistance: 1.2860- 1.2950- 1.3040

By Theodoros Batsoulis, Technical Analyst