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EURUSD Intraday Analysis

EURUSD (1.2014): The EURUSD posted strong gains last week with the rally being driven partly by the ECB’s decision on Thursday and a weaker US dollar. By Friday’s close price action was seen pulling back from the 1.20 handle marking a retest of this level for the second time. On the 4-hour chart, we notice that the pullback in the EURUSD will see a retest of the minor support that will be formed at 1.1962. This support could mark the cup and handle pattern that is still evolving. A reversal off 1.1962 will push EURUSD towards 1.2200. Alternately, if the support level at 1.1962 fails, the common currency could slip to the next downside target of 1.1882 which is another strong technical level of interest in the currency pair.

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