From a technical perspective the EURUSD started the move to the downside – albeit in a choppy fashion. Of note is that the all important level of 1.4183 was briefly surpassed but could not sustain upside momentum. This level is the midpoint of the range since July 2008. The level remains a key level for directional purposes.
The low was just reached at 1.4073 (R4). The pair has broken through the 38.2% retracement resistance at the 1.4124. Look for this level to provide some early upside resistance today. Above that is the close from yesterday at the 1.4066. The next target on the downside is 1.4030 for the pair. Not much left in it for today I am afraid.
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