EURUSD: Recovers Higher On Correction

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EURUSD: Except EUR returns above the 1.2791 level, it faces a possible reversal of its corrective recovery triggered the past week. Support lies at the 1.2550 level where a break will expose the 1.2500 level.

Below here will pave the way for a move lower towards the 1.2300 level. If this continues, expect further downside to occur towards the 1.2250 level.

On the upside, resistance lies at the 1.2791 level where a break will aim at the 1.200 level, its psycho level followed by the 1.2650 level. Further out, resistance comes in at the 1.2700 level. All in all, EUR remains biased to the downside in the medium term.

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