EURUSD: While EUR may have backed off higher prices and triggered a correction, its broader short term uptrend started from 1.2040 level remains intact. This suggests the mentioned pullback should eventually fade and the pair should turn higher above the 1.3171 level. Further out, resistance stands at the 1.3282 level where a violation will call for a move further higher towards its weekly ema at 1.3415 level. The alternative scenario will be for the pair to force further corrective declines towards the 1.3000 level followed by the 1.2950 level. A breather may occur here and turn the pair back up but if this fails to occur, expect the pair to decline further towards the 1.2692/1.2748 levels where a reversal of roles could occur. All in all, EUR continues to maintain its short term uptrend despite price correction.
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