With EUR turning above the 1.2442 level, it now faces the risk of further bullish offensive. Further out, resistance lies at the 1.2482 level, its .618 Fib Ret where a breach will aim at the 1.2539 level. Its daily RSI is bullish and pointing higher suggesting further strength. The alternative scenario will be for the pair return to the 1.2239 level. A clearance of here will set the stage for a move lower towards the 1.2132/17 levels. Further down, support stands at the 1.2040 level where a breach will pave the way for more declines towards the 1.2000 level, its big psycho level. We expect EUR to face price hesitation ahead of or at this level. This could see it back off higher but if that level is breached, the pair should weaken further towards the 1.1950 level. All in all, EUR continues to faces recovery threats.
Join the Discussion