What's Trending: EUR/USD might test 1.2370
EUR/USD might test 1.2370 levels today and a break below could see a big sell-off in the pair to around 1.23.
An effort to break above 1.24 levels was rejected today after hitting a high of 1.2414 levels, EUR/USD is now trading at around 1.2395.
Charts show that EUR/USD has fallen below the 38.2% retracement level of the uptrend on the hourly chart. The hourly RSI as well as the daily RSI are bearish and therefore, the pair could reach the levels of 1.2370, that is also the neckline support of the head and shoulder formation and the 50% retracement level of the uptrend on hourly charts. The sell-off could be magnified if EUR/USD breaks below 1.2370, and could lead to targets of 1.2340 and 1.23 levels.
In the event of a crossover in the range of 1.2382 and 1.2374 could lead to demand for the Euro and lead to an upside in the pair that will be capped at 1.2430-1.2440 levels.
What to Expect: EUR/USD might test 1.2370
Projection after Analysis: Breaks below 1.2370 could lead to targets of 1.2340 and 1.23 levels
Read more Daily Forex Trend Reports under trading Tools, Forex Trend Reports on the Yadix website.
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