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EURUSD Intraday Analysis

EURUSD (1.1884): The EURUSD closed last week below 1.2000 handle. Friday’s payrolls data briefly pushed the common currency to test the minor intraday resistance at 1.1963 following which the common currency reversed to close lower on the day. We now expect the EURUSD remain trading below 1.1882 into this Thursday’s ECB meeting. The next main support is seen at the 1.1688 level which could be tested. However, for this to occur, EURUSD will need to break past the minor intraday support at 1.1825. A decline to 1.1688 could potentially mark a decent correction in EURUSD’s rally to 1.2000.

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