EUR/USD showing signs of wavering below 1.3278 resistance

FXstreet.com (Barcelona) - The EUR/USD needs to take out 1.3451 to truly regain its bullish posture, but multiple layers of resistance come into play before that test would occur – starting with 1.3278.

Wednesday’s action to be driven by words, data and actions / decisions

The EUR/USD will be pushed around Wednesday by multiple forces including President Barack Obama’s address to the American people (and to the world) early Wednesday, followed by German inflation data several hours later and wrapping up with a possible vote on military action in Syria by the Congress of the United States.

Technical outlook for EUR/USD

Tim Thielen, CMT, author of The Sea Change Report, in his most recent report, remains macro bearish on the EUR/USD with targets down at the 1.24 – 1.25 range. Thielen says there will be stops on the way down to the targets – the first of which will be just below 1.3100. The first targeted resistance, he notes, is / was 1.3278 – which was tested Monday and Tuesday. If a close above that level occurs, 1.3318 is the next possible stop.