The EURUSD has spiked up to the 1.4248 level but could not extend the high. The failure at the top has led to a move back down on the disappointment. As a result, seeing some nervous intraday profit taking. The support will come in at the 1.4200 – 1.4210 area where a floor has developed intraday and where the R5 of the bigger move and the R3 ( and T30) of the current move converge. We could also see a deeper pullback to the 1.4160 area. A bounce here MAY have enough traction to take out the 1.4248 level and go to the intraday R4 target of 1.4302.
