EUR/USD finally breaks through 1.2052 support as correction from 1.2348 resumes. Intraday bias is back on the downside for channel support (now at 1.1970). We’ll see if the channel support line would provide enough support to bring rebound.
Sustained break there will argue that fall from 1.2348 is indeed correcting whole up trend from 1.0635. In this case, next near term target is 1.1892. Eventually, the correction would at least have a take on 38.2% retracement of 1.0635 to 1.2348 at 1.1694 before completion.
