EURUSD (1.2391): The EURUSD formed a doji following two days of declines on the daily session. Price action suggests the potential for an upside move in the near term. The reversal comes as the EURUSD was seen briefly falling to the 1.2336 level. We expect to see some sideways consolidation taking place with the upside move likely to be limited. A lower high is expected on the 4-hour chart time frame for EURUSD to confirm the correction to the rally. As long as the previous highs at 1.2497 hold, we expect EURUSD to remain biased to the downside.
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