EURUSD (1.2264): The EURUSD posted fresh highs yesterday as price action rallied to 1.2262. The bullish momentum in the euro came amid a renewed hawkish talk from one of the ECB officials. Price action is trading close to the major resistance level of 1.2300 but we expect to see a further retest of this resistance level before we can expect a correction. Towards the downside, initial support is found at 1.2090 – 1.2070 where the declines could stall in the near term. Establishing support at this level would signal further gains that could come in the near term.
