EURUSD (1.2423): The EURUSD managed to break out from the bullish flag pattern but the gains were quickly erased. Price action was seen falling back to the break out level and declined further. This potentially invalidates the bullish flag pattern unless the common currency is able to reverse the losses. The downside bias is now increasingly a risk for the EURUSD. Major support is seen at 1.2090 which could be tested. With the economic calendar busy today with data from the U.S. this could potentially weaken the euro further from the current highs. Despite the short term declines, the EURUSD is expected to maintain the bullish trend.
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