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EURUSD: Vulnerable On Price Failure

EURUSD: Having taken back some of its intra day gains on Tuesday and weakening during Wednesday trading session, further weakness is envisaged.

On the upside, resistance lies at the 1.2569 level where a violation will aim at the 1.2600 level where a break will aim at the 1.2650 level, its psycho level followed by the 1.2700 level. Further out, resistance comes in at the 1.2750 level.

Conversely, support is seen at 1.2450 level with a cut through here opening the door for more downside towards the 1.2400 level. Further down, support lies at the 1.2350 level where a break will expose the 1.2300 level. Below here will pave the way for a move lower towards the 1.2250 level. All in all, EUR remains biased to the downside in the medium term.


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