Despite the never ending Euro-zone problems, you'll notice the EURUSD has been in an up trend since the end of May.
(4 hour EURUSD chart)
Fibonacci lines drawn from the down trend which started at the beginning of May to the end reveal possible stopping points for this trend. Having already blown through 38.2, other possible targets are 1.279 and 1.29.
One thing to watch, however, is what appears to be a double top on the 4 hour chart, with long wicks and a bearish reading on the RSI indicator, indicating slowing momentum and possible reversal.
( 4 hour EURUSD chart with RSI)
We'd be looking to buy if price continued upwards from 1.275, or sell if it breaches the trend line at approximate 1.26.
