The euro has stabilized price-action towards the 1.2400 level against the U.S dollar in early Wednesday trading, following a reversal in broader stock markets and a decline in the greenback. The EURUSD pair is now recovering bullish trading momentum, after finding strong weekly technical support at the 1.2313 level. With a lack of macroeconomic data today, financial markets will likely be focused on the recent recovery in stock bourses, and the next directional move in the U.S dollar index.
The EURUSD pair may see if further upside if price-action can hold above the 1.2400 level. Key upside targets remain 1.2432, 1.2474 and 1.2500.
Should EURUSD price-action fail to hold above the 1.2400 level, we may see a decline towards the 1.2350 and 1.2313 support regions.
