EURUSD (1.2254): The EURUSD extended declines as prices touched a fresh monthly low at 1.2211 before pulling back slightly. The daily session in the EURUSD ended with a spinning bottom candlestick pattern that could suggest a near term recovery in the declines. On the 4-hour time frame, EURUSD is seen consolidating near 1.2237 retesting the January 23 lows. We expect to see a pullback in prices that could see EURUSD retesting the broken support level at 1.2363 – 1.2333. If resistance is established here, then EURUSD could extend declines down to 1.2090 – 1.2070 level in the medium term. The bias shifts if price manages to breakout above 1.2363, resistance high
: The EURUSD extended declines as prices touched a fresh monthly low at 1.2211 before pulling back slightly. The daily session in the EURUSD ended with a spinning bottom candlestick pattern that could suggest a near term recovery in the declines. On the 4-hour time frame, EURUSD is seen consolidating near 1.2237 retesting the January 23 lows. We expect to see a pullback in prices that could see EURUSD retesting the broken support level at 1.2363 - 1.2333. If resistance is established here, then EURUSD could extend declines down to 1.2090 - 1.2070 level in the medium term. The bias shifts if price manages to breakout above 1.2363, resistance high){kind=link}