EURUSD (1.2267): The EURUSD continued to trade above the 1.2250 level which marks the major resistance level on the monthly charts. Price action is expected to remain muted near this level as we expect to see a short-term correction likely to take place. On the 4-hour charts, EURUSD is seen posting a consolidation. Any short-term declines could see price action limited to the 1.2090 level of support. The minor double top pattern currently taking shape near 1.2280 region could signal the downside correction in prices. This view can shift however if EURUSD manages to close above 1.2280 on a daily basis.
