EURUSD: Having reversed its corrective recovery, the pair is on the verge of resuming its broader weakness. This will open the door for a run at the 1.2620 level, its Jan 2012 low. Further down, support stands at the 1.2587 level followed by the 1.2479 level. Its daily RSI is bearish and pointing lower supporting this view. Alternatively, the pair will have to break and hold above the 1.2824 level to annul its present downside and bring further upside gain towards the 1.3000 level. Father out, resistance resides at its April 14’2012 high at 1.3146. All in all, EUR remains biased to the downside medium term.
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