The EUR/USD foreign exchange rate briefly touched the 1.3100 level (1.3104 intraday high), ultimately destabilizing the pair and causing a retracement Friday. Presently, the EUR/USD technical pair is now trading at just 1.3063 or still up +0.17% during US trading. “With the MAD below its zero line, potential is for a further downside for the EUR/USD. Immediate support is at 1.2985 ahead of 1.2797, while resistance is at 1.3151, suggesting a bearish outlook.” notes Gareth Berry, a Research Analyst at UBS. According to Karen Jones, an analyst at Commerzbank, “The EUR/USD is seeing a small bounce from 1.2998, the 61.8% retracement of the move higher from April, this leaves our negative bias intact. Directly below the market is the 1.2927/1.2898 band (55-week MA, 78.6% retracement and the 2012-2013 support line). We suspect this will hold the initial test ahead of losses to 1.2796, then the 1.2740 April low.”