EURUSD (1.2337): The euro currency was seen posting strong gains yesterday as price action posted a reversal following last week’s declines. However, the gains stalled near the resistance zone of 1.2363 – 1.2333 level. A reversal off this level could once again put the EURUSD back into the sideways range with the lower support at 1.2179 likely to be tested. With the Fed meeting due tomorrow, we expect to see the ranging price action continue. A breakout from either the resistance or the support level could potentially establish the direction in the currency pair.
